Investing.com – Switzerland's UBS consumption indicator declined in November, falling for the first time in three months, industry data showed on Tuesday.
In a report, Swiss bank UBS said its consumption indicator edged down by 0.09 points to 0.81 in November from 0.90 in October, whose figure was revised down from 0.91.
As in previous months, the consumption indicator benefited from the strong rise in new car registrations, while the other sub-indicators used to calculate the consumption indicator are at recession levels.
The report said that the consumption indicator partly reflects the pessimistic outlook of the retail sector, which is suffering from falling prices and thus falling earnings, as well as the fact that people are doing more of their shopping abroad.
According to the data, UBS believes that private consumption will continue to be an important pillar of the Swiss economy in 2012 with a growth rate of more than 1%.
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 higher against the U.S. dollar, with USD/CHF easing down 0.1% to trade at 0.9352.
In a report, Swiss bank UBS said its consumption indicator edged down by 0.09 points to 0.81 in November from 0.90 in October, whose figure was revised down from 0.91.
As in previous months, the consumption indicator benefited from the strong rise in new car registrations, while the other sub-indicators used to calculate the consumption indicator are at recession levels.
The report said that the consumption indicator partly reflects the pessimistic outlook of the retail sector, which is suffering from falling prices and thus falling earnings, as well as the fact that people are doing more of their shopping abroad.
According to the data, UBS believes that private consumption will continue to be an important pillar of the Swiss economy in 2012 with a growth rate of more than 1%.
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 higher against the U.S. dollar, with USD/CHF easing down 0.1% to trade at 0.9352.