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Financial News: Swiss Q3 Consumer Confidence Weakens Sharply

Swiss Q3 Consumer Confidence Weakens Sharply

08/02/2022 - 06:35:00 (RTTNews)

(RTTNews) - Swiss consumer sentiment deteriorated sharply in the third quarter as households turned far more pessimistic about the future general economic situation, survey data from the State Secretariat for Economic Affairs, or SECO, showed on Tuesday.

The consumer sentiment index fell to -41.7 in the third quarter from -27.4 in the second quarter. The index logged its biggest decline since the onset of the pandemic in the spring of 2020.

According to the survey, households are especially pessimistic about the economy's direction over the next year. The corresponding index came in at -53.5, down from -31.4 in the preceding period.

The indicator of people's expectations about their financial situation over the next 12 months worsened to -34.8 from -24.9, and the past financial situation dropped to -35.0 from -22.0 points.

In contrast, perceptions of the labor market remain strong and the expected price development sub-index has declined for the first time since autumn 2020.

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