Financial News: Swiss Consumer Confidence Weakens Sharply

Swiss Consumer Confidence Weakens Sharply

11/02/2023 - 12:15:00 (RTTNews)

(RTTNews) - Switzerland's consumer confidence deteriorated markedly as their expectations over the economy as well as their personal financial situation sunk, results of a survey showed Thursday.

The consumer confidence index plummeted to -40 in the October round of the quarterly survey by the State Secretariat for Economic Affairs, or SECO, from -27 in the previous survey.

The score was much less than the long-term average of -6 points.

The economic expectations index of the survey plunged to -37.3 from -6.8.

The measure for the expected financial situation fell to -37.8 from -25.0.

Consumers' assessement of their past financial situation eroded significantly with the corresponding survey sub-index sinking to -50.9 from -38.2.

Meanwhile, the pessimism regarding major purchases eased slightly, though was clearly negative. The relevant reading improved to -33.8 from -38.0.

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