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Financial News: Swiss Consumer Confidence Remains Negative In Q3

Swiss Consumer Confidence Remains Negative In Q3

08/05/2019 - 04:24:00 (RTTNews)

(RTTNews) - Switzerland's consumer confidence slightly improved in the third quarter, but remained in the negative territory, hurt by households' low expectations regarding their personal finances, survey data from the State Secretariat for Economic Affairs showed on Monday.

The consumer confidence index climbed to -8 from -9.3 in the second quarter. The score was in line with economists' expectations. The reading is below its long-term average of -5 points.

The index reflecting households' expectations regarding their financial situation dropped to -7.8 from -6.3 in the second quarter.

The measure mirroring consumers' expectations regarding the economy improved to -0.1 from -5.3 in the previous three months.

However, consumers were less inclined to make big purchases and the relevant indicator dropped to -11 from -10.6 in the second quarter.

"Based on these survey results, only restrained development of private consumer expenditure is to be expected," the SECO said.

Households continued to assess the labor market positively, but prospects have deteriorated somewhat, the SECO said.

The relevant measure climbed to 39 points in July from 31 points in April, but remained below its average of 48 points.

"This reflects the low unemployment rate, the decline of which has recently leveled off," SECO said. "While consumers' expectations are therefore somewhat less optimistic, job security has still been assessed as above average."

The survey measure reflecting consumers' inflation expectations decreased to 47 from 52, partly due to lower oil prices.

Retail sales rose a working-day adjusted 0.7 percent year-on-year and 1.5 percent monthly in June, provisional data from the Federal Statistical Office revealed on Monday.

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