October Swiss UBS Consumption Indicator Edges Higher

The Swiss UBS consumption index rose slightly to 1.49 for October from a downwardly-revised 1.47 previously, which was originally reported as 1.59.

The sizeable downward revision will cause some concerns and the index overall has not changed significantly over the past 3 months, although the overall impact will be limited.

There was a further positive development surrounding the domestic tourism sector with the number of hotel stays rising 1.0% over the year, the third successive increase.

There was a retreat in car registration for October, although there was still a solid increase for the first 10 months of the year.

The overall retail sector remained weak, however, with only a slight recovery in the component for October as underlying sentiment remained negative. The continued vulnerability in the retail sector will come as no surprise given the run of negative growth figures for retail sales.

There will not be any significant near-term policy implications with the economy maintaining a solid growth rate despite underlying vulnerability in the retail sector as wider consumption levels have held firm.

Immediate franc reaction was limited.

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Tim Clayton

Tim is a contributing author to EconomicCalendar.com. He is an economist and has been involved in financial markets for over 20 years as an analyst. He specialises in global economic trends, macro policy and central banks. Extensive knowledge, experience and data mining is used to anticipate trends in equities, bonds and forex with a contrarian slant. He is a graduate of the University of York with a degree in Economics/Econometrics.

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