Swiss consumption indicator remains broadly stable in JuneStaff Writer | July 26, 2017
The Swiss consumption indicator remained broadly stable in June signaling subdued growth in private spending in recent months, survey data from the UBS investment bank showed.
Switzerland The consumption indicator rose marginally
The consumption indicator rose marginally to 1.38 in June from revised 1.32 in May.
Relatively weak growth in employment was much to blame for the lackluster number, the bank said. However this weakness was offset somewhat by robust new car registrations data and overnight hotel stays by Swiss nationals.
The UBS forecasts employment growth rates to pick up during the course of the year, which should support consumption. Meanwhile, new car registrations advanced 2.1% in June.
Further, hotel overnight stays by Swiss nationals increased by 2.4% year-on-year. The mood also improved in the retail sector, although it started from a low base, the bank added.
Private household consumption is forecast to grow by 1.3% in 2017. ■