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The Swiss manufacturing purchasing managers' index (PMI), which is compiled by the Swiss SVME purchasing managers' association and Credit Suisse, remained unchanged at 47.9 in April.
The index declined since the Swiss National Bank (SNB) removed the 1.20 per euro exchange rate floor on January 15th.
A reading below 50.0 indicates contraction of industrial output, a reading above 50.0 indicates expansion of industrial output.
The subindex tracking orders decreased to 46.7 in April.
The employment subindex declined to 42.1. It was lowest level since the 2009.
"An overall economic recession is unlikely," the report said.