Credit Suisse and procure.ch released their manufacturing purchasing managers' index (PMI) for Switzerland on Monday. The manufacturing purchasing managers' index in Switzerland fell to 50.0 in January from 50.4 in December, missing expectations for an increase to 50.9. December's figure was revised down from 52.1.

A reading above 50 indicates contraction.

The decline was largely driven by a drop in purchase prices. Purchase prices dropped to 41.7 in January from 45.4 in December, while the backlog of orders sub-index fell to 49.3 from 49.9.

The production increased to 54.6 In January from 53.5 in December.

Employment rose to 47.9 in January from 46.5 in December.