Investing.com – Switzerland's UBS consumption improved in October, rising for the second consecutive month, industry data showed on Tuesday.
In a report, Swiss bank UBS said its consumption indicator eased up by 0.09 points to 0.91 in October from 0.82 in September, whose figure was revised down from 0.84.
“A continuously high number of new vehicle registrations, benefitted by the present currency situation, is boosting the consumption indicator,” the report said.
The report added that, “The indicator's comparatively low level is due to ongoing poor business activity in the retail sector as well as consumer sentiment.”
“Despite the economic slowdown, we anticipate healthy growth in private consumption of roughly 1% both this year and next, buoyed by low interest rates, which are expected to remain low for the time being, and continued immigration.”
The UBS consumption indicator is calculated from five sub-indicators: new car registrations, retail sales, overnight stays in hotels by Swiss citizens, the consumer sentiment index and credit card transactions.
Following the release of the data, the Swiss franc was modestly lower against the U.S. dollar, with USD/CHF edging 0.08% higher to trade at 0.9231.
In a report, Swiss bank UBS said its consumption indicator eased up by 0.09 points to 0.91 in October from 0.82 in September, whose figure was revised down from 0.84.
“A continuously high number of new vehicle registrations, benefitted by the present currency situation, is boosting the consumption indicator,” the report said.
The report added that, “The indicator's comparatively low level is due to ongoing poor business activity in the retail sector as well as consumer sentiment.”
“Despite the economic slowdown, we anticipate healthy growth in private consumption of roughly 1% both this year and next, buoyed by low interest rates, which are expected to remain low for the time being, and continued immigration.”
The UBS consumption indicator is calculated from five sub-indicators: new car registrations, retail sales, overnight stays in hotels by Swiss citizens, the consumer sentiment index and credit card transactions.
Following the release of the data, the Swiss franc was modestly lower against the U.S. dollar, with USD/CHF edging 0.08% higher to trade at 0.9231.