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CORRECTED-Swiss industry surprised by upturn in demand in Nov
December 3, 2012 / 8:41 AM / in 5 years

CORRECTED-Swiss industry surprised by upturn in demand in Nov

(Corrects bullet point to show PMI at highest level in four months)

* Swiss PMI at highest level in four months

* Falling stocks suggest companies surprised by demand upturn

ZURICH, Dec 3 (Reuters) - Swiss industrial production grew at a rate not seen since early 2011 in November as manufacturers were surprised by an upturn in demand, the purchasing managers’ index showed on Monday.

The index, compiled by the Swiss SVME purchasing managers’ association and Credit Suisse, rose to a seasonally adjusted 48.5 points from 46.1 points in October, the highest level since July and beating average analyst forecasts for 47.0 points.

“Production in November exceeded that of the previous month for the first time since July and displayed a momentum not seen since early 2011,” the index compilers said, adding that falling stocks suggested firms were surprised by the upturn. (Reporting by Emma Thomasson; Editing by John Stonestreet)

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