The Schweizerischer Verband für Materialwirtschaft und Einkauf (SVME) reported its Purchasing Manager's Index (PMI) for Swiss manufacturing sector rose to 60.9 in July from 60.1 in June. That was the highest reading since February of 2011 and exceeded economists' forecast of 58.9. A reading above 50 indicates expansion in the sector, while a reading below 50 shows contraction.

According to the report, the July improvement was primarily attributable to a boost in order books. The corresponding subcomponent - "the order backlog" - climbed from 59.9 points in June to 65.2 points in July. A similar score was seen in 2010. Such sub-components as production (+0.4 to 63.8), purchasing volume (+3.4 to 63.1), stocks purchased (+2.2 to 50.3) and purchasing prices (+0.7 to 55) also rose last month, while delivery times (-2.3 to 63) employment (-3.5 to 54.6) declined.