Investing.com – Switzerland's UBS consumption indicator declined in August, dropping by the most in nine years, data showed on Tuesday.
In a report, Swiss bank UBS said its consumption indicator fell by 0.49 points to 0.79 in August from 1.28 in July, whose figure was revised down from 1.29.
At its current level of 0.79, the UBS consumption indicator is only marginally higher than during the previous two recessions in 2002/03 and 2008/09.
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.
Poor business activity in the retail sector dragged the UBS consumption indicator down despite an increase in new car registrations.
The strong franc dampened consumer willingness to spend, although it also increased the purchasing power of Swiss residents.
Following the release of the data the Swiss franc was fractionally higher against the U.S. dollar, with USD/CHF dipping 0.1% to trade at 0.9007.
In a report, Swiss bank UBS said its consumption indicator fell by 0.49 points to 0.79 in August from 1.28 in July, whose figure was revised down from 1.29.
At its current level of 0.79, the UBS consumption indicator is only marginally higher than during the previous two recessions in 2002/03 and 2008/09.
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.
Poor business activity in the retail sector dragged the UBS consumption indicator down despite an increase in new car registrations.
The strong franc dampened consumer willingness to spend, although it also increased the purchasing power of Swiss residents.
Following the release of the data the Swiss franc was fractionally higher against the U.S. dollar, with USD/CHF dipping 0.1% to trade at 0.9007.