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Financial News: Swiss Consumer Confidence Highest In 7 Years

Swiss Consumer Confidence Highest In 7 Years

02/01/2018 - 02:13:00 (RTTNews)

(RTTNews) - Swiss consumer confidence rose to its highest level in seven years during January, as households' expectations regarding the economy and the labor market improved strongly, results of a survey by the State Secretariat for Economic Affairs, or SECO, showed Thursday.

The consumer confidence index climbed to 5 from -2 in October. Economists had forecast a score of 2.

The latest reading was the highest since January 2011, the SECO said. The score also exceeded its long-term average of -9 points.

"Consumers' expectations are particularly more optimistic regarding the general economic outlook and labor market prospects," the agency said.

The sub-index for the future economic prospects climbed from 14 to 32 points, clearly exceeding its long-term average of -10 points, and reached its highest level since 2010, when the Swiss economy experienced rapid growth.

The sub-index on anticipated unemployment dropped from 39 points in October to 26 points in January, which was below the long-term average of 49 points.

"By contrast, consumers feel much the same about their own financial situation and the possibility of being able to save, with their expectations in this regard proving average."

The survey was conducted by the market research institute LINK among total of 1,484 people over the age of 16.

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