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Switzerland’s procure.ch and UBS manufacturing PMI rose to 48.8 in January 2026 from an upwardly revised 46.4 in December, signalling a modest easing of pressure on the industrial sector. The improvement was driven by a stabilisation in production, with the output index climbing to 50.8, its first expansion since August. Order backlogs rebounded to 47.7, but inventories continued to be reduced. Employment stayed weak at 46.9, pointing to ongoing labour market strain. Purchasing volumes remained in contraction at 43.1, while input prices rose to 51.5 due to higher costs for electronic components and industrial metals. Supplier delivery times eased slightly but remained elevated, reflecting ongoing supply constraints. Looking ahead, expectations of rising protectionist measures increased, with one in four firms anticipating greater trade barriers over the next 12 months, adding uncertainty to the manufacturing outlook.