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Financial News: Swiss Leading Indicator Falls Unexpectedly Yet Prospects R

Swiss Leading Indicator Falls Unexpectedly Yet Prospects Remain Positive - KOF

06/30/2021 - 03:22:00 (RTTNews)

(RTTNews) - A leading indicator of the turning points in Switzerland's economy fell unexpectedly in June, but the reading remained strong signaling a outlook.

The Swiss Economic Barometer dropped to 133.4 from 143.7 in May, which was revised from 143.2, survey results from the Z├╝rich-based think tank KOF showed Wednesday.

Economists had forecast a higher score of 144.7 for June. The barometer remained well above its long-?term average.

"The strong rise of the barometer across the last months is now replaced by a corrective movement," KOF said.

"The prospects for the Swiss economy remains very positive, provided that the economy is not severely affected by a renewed spread of the virus," the institute added.

The KOF indicator dropped for the first time in five months. The decline was largely driven by indicator bundles for the manufacturing and the other services sector, the KOF said.

Indicators for accommodation and food service activities, foreign demand and the financial and insurance services sector also contributed to the negative development.

Meanwhile, the indicator reflecting private consumption showed a comparatively weak decline.

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