* GDP data suggests U.S. economy improving
* Swiss franc down, traders cite talk of SNB action
* Chicago PMI falls, but won't change U.S. outlook (Adds comment, U.S. data, udpates prices)
By Gertrude Chavez
NEW YORK, Sept 30 (Reuters) - The U.S. dollar slipped against most major currencies on Wednesday, undermined by a mixed batch of reports suggesting that the U.S. economy was still on a generally stable path to recovery.
The Swiss franc, meanwhile, fell against the euro and the dollar, with traders citing talk the Swiss National Bank may have intervened in the market to weaken its currency. The SNB, however, declined to comment on the franc's price action. [ID:nWEA3061].
Final data showing the U.S. economy's contraction in the second quarter was slower than initially thought kept the euro and sterling firm against the greenback. [ID:nN30198553].
These currencies, which have recently been viewed as proxies for risk appetite, tend to get a bid when economic reports point to strengthening.
"The trend seems to be indicating there's growth forthcoming at some point in time," said Jack Spitz, managing director of foreign exchange at National Bank of Canada in Toronto.
"It speaks to the limited but improving landscape economically in the States ... What we've seen ... is that improvements in the overall economic cycle have resulted in U.S. dollar weakness because it attracts risk buying."
A separate U.S. survey by the ADP Employer Services showed some improvement in the private jobs sector. Although private companies slashed 254,000 jobs in September, more than the 210,000 layoffs the market had been expecting, the number was down from the 277,000 jobs lost in August.
A surprise fall in business activity in the U.S. Midwest fueled mild buying in the dollar later in the New York morning. [ID:nN3095624].
"Because the Chicago data has been volatile and generally erratic...the inclination is not to read too much into the latest report," said Alan Ruskin, chief international strategist at RBS Global Banking and Markets in Stamford, Connecticut.
"Nonetheless, this is a further warning shot that even a modest recovery will not be smooth sailing and is going to reinforce the equity slippage today."
In mid-morning New York trading, the euro was little
changed on the day, at $1.4592
The ICE Futures dollar index was down 0.3 percent at 76.933 <.DXY>. The index was down 4.1 percent in the third quarter.
Against the Swiss franc, the dollar was up 0.4 percent at
1.0399 france