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Swiss UBS Consumption Indicator Drops In November

(RTTNews) - Switzerland's UBS consumption indicator fell 0.08 points to 1.63 in November after stabilizing in October. The latest reading indicates a slight weakening of private consumption during the month.
The fall is primarily attributable to the deterioration of business activity in the traditionally volatile retail sector. The consumer sentiment index also fell in November.

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Swiss UBS Consumption Indicator Drops In November
(RTTNews) - Switzerland's UBS consumption indicator fell 0.08 points to 1.63 in November after stabilizing in October. The latest reading indicates a slight weakening of private consumption during the month.
The fall is primarily attributable to the deterioration of business activity in the traditionally volatile retail sector. The consumer sentiment index also fell in November.
However, there was a marginal improvement in new car registrations and annual growth rate of overnight stays by Swiss citizens. Despite, the decline, the consumption indicator stood above its long-term average.
UBS expects a robust consumption growth of 1.7% next year, boosted by strong immigration, low interest rates and declining unemployment.
The indicator is calculated from five sub-indicators, namely, new car registrations, business activity in the retail sector, the number of domestic overnight stays in hotels by Swiss citizens, the consumer sentiment index and credit card transactions via UBS at points of sale in Switzerland.