Swiss UBS Consumption Indicator Rises Further In November

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The UBS consumption indicator for Switzerland rose to 1.28 in November from 0.88 in October, the UBS bank said on Tuesday. This was the highest level since September 2008, but it remained below its long-term average of 1.5. The consumption indicator in October was revised from 0.87 reported initially.

"UBS economists do not expect consumer spending to recover until the second half of next year." the UBS said.

Among the five sub-indicators of the UBS consumption indicator, new car registrations, consumer sentiment and retail sales improved in November, while hotel stays by Swiss nationals declined.

Despite the economic recovery, UBS economists expect private consumption to weaken in the coming months. In particular, the expected rise in unemployment and the associated job uncertainty are likely to dampen consumer behavior.

The UBS consumption indicator for Switzerland rose to 1.28 in November from 0.88 in October, the UBS bank said on Tuesday. This was the highest level since September 2008, but it remained below its long-term average of 1.5. The consumption indicator in October was revised from 0.87 reported initially. (Market News Provided by RTTNews)