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Financial News: Swiss Consumer Sentiment Weakens In July

Swiss Consumer Sentiment Weakens In July

08/02/2018 - 02:42:00 (RTTNews)

(RTTNews) - Switzerland's consumer confidence weakened to the lowest level in more than a year in July, survey data from the State Secretariat for Economic Affairs showed Thursday.

The consumer sentiment index plunged to -7 in July from +2 a quarter ago. The score was expected to remain unchanged at 2. This was the lowest reading since April 2017.

While consumers expect a positive economic development, they were less optimistic than in recent quarters. The index for future economic expectations fell to 6 from 14 a quarter ago.

Consumers' expectations regarding their own budget also remained subdued, the likelihood of consumers making major purchases remained low. The indicator for households' past financial situation dropped to -19 from -17 and that for future financial situation came in at -5 versus zero in the previous quarter.

At the same time, in line with the rise in oil and import prices, consumers again raised their price expectations. Overall, they anticipate that their purchasing power will increase only slightly in the near future.

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