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Financial News: Swiss KOF Leading Indicator Tops Expectations In January

Swiss KOF Leading Indicator Tops Expectations In January

01/30/2020 - 03:17:00 (RTTNews)

(RTTNews) - A leading indicator of the turning points in Switzerland's economy climbed for a second straight month in January to reach just above 100, survey data from the KOF Swiss Economic Institute showed on Thursday.

The KOF Economic Barometer rose by 3.9 points to 100.1 in January, returning to its long-term average value that it failed to attain throughout 2019.

Economists had forecast a reading of 96 for January.

The December reading was revised to 96.2 from 96.4. Combining December and January, the indicator climbed 7.6 points.

"The Swiss economy can free itself somewhat from its shackles," the KOF said.

Prospects in manufacturing are no longer unfavorable and the situation have improved in other services, the survey found.

Further, the changes in the indicators for foreign demand, accommodation and food service activities, financial and insurance services and construction are slightly positive, prospects in private consumption were practically unchanged.

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