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The Swiss procure.ch Manufacturing PMI dropped to 42.1 in May 2025 from 45.8 in April, marking the lowest reading since December 2023 and falling short of market expectations of 46.5. This was the 29th consecutive month the index remained below the 50-point threshold, signalling continued contraction in the sector. The decline reflects heightened uncertainty surrounding the far-reaching and fast-changing U.S. tariff policies. The contraction was driven by sharp declines in output (down 7.2 to 42.5 points), backlog of orders (down 8.7 to 35.9), and quantity of purchases (down 6.5 to 37.6), along with a slight drop in employment (down 0.4 to 43.6). Meanwhile, an extension was recorded in suppliers’ delivery times (up 4.6 to 51.9). Additionally, indices remained relatively stable for stocks of purchases (up 0.5 to 42.0), stocks of finished goods (up 1.0 to 43.2), and purchase prices (up 0.6 to 48.4).