New orders received by the Swiss mechanical and electrical engineering industries (MEM industries) increased by 11.3% year-on-year in the third quarter of 2013. The 8.0% rise in sales is a further encouraging sign. It seems that the recent proliferation of signals indicating a positive trend in the MEM industries was no flash in the pan. Nevertheless, the European market still presents substantial risks. Whether these figures mean that the long-awaited turnaround has at last arrived will only become clear in the months ahead.