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Switzerland PMI Manufacturing 44.9 in Sep-23

- The Switzerland PMI Manufacturing increased to 44.9 in September 2023, the highest level since April, indicating a gradual recovery and improved manufacturing activity.
- Despite the improvement, the PMI is still 2.28 points below the one-year average, suggesting that the sector has not fully recovered.

Switzerland KOF 95.87 (consensus 90.5) in Sep-23

- Switzerland's KOF index increased to 95.87 in September 2023, surpassing expectations, but remains at its lowest level since June 2023.
- The KOF index is currently 1.55 points below the one-year average and 3.94 points below the long-run average, indicating below-average economic performance.

Switzerland Unemployment Rate 2.05% in Aug-23

- Switzerland's unemployment rate in August 2023 remained constant at 2.05%, the same as the previous month.
- The current unemployment rate is 0.06% higher than both the one-year average and the long-run average, indicating a slight increase in unemployment.

Swiss National Bank: Sep-23

• The SNB’s decision to retain the policy rate at 1.75%, contrary to the expected hike, is indicative of a cautious approach, balancing inflation control with growth sustainability, amidst global economic moderation and persisting elevated inflation.
• The bank's vigilance on inflationary dynamics is evident, with the significant tightening of monetary policy in recent quarters serving as a countermeasure to remaining inflationary pressures. Yet, the possibility of further tightening to assure medium-term price stability has been explicitly acknowledged.
• The SNB's readiness to intervene in the foreign exchange market underscores its commitment to maintaining appropriate monetary conditions, emphasizing the interrelation between currency valuations and inflationary pressures, in a global economic landscape riddled with significant uncertainties and risks.