Index points to increase in consumer spending

Consumer spending may continue to increase modestly, according to a consumption index published by Swiss bank UBS.

This content was published on July 28, 2009 minutes

The UBS Consumption Indicator recovered some ground in June but the bank's economic researchers said on Tuesday that the index, based on consumer behaviour, remained below its long-term average.

It jumped to 0.96 from 0.75 in May, registering its sharpest increase month-on-month in a year.

A statement said that while the indicator's level hints at a modest expansion in Swiss private consumption in June, the future environment remained "difficult".

Researchers said that rising unemployment numbers were likely to hit consumer morale and spending in the months ahead.

Switzerland moved into recession in the middle of last year as exports suffered from the global economic slowdown.

The UBS indicator follows Swiss private consumption trends with a lead of about three months over official figures.

It includes new car sales, business conditions in the retail sector, consumer confidence, the number of overnight hotel stays by the Swiss in Switzerland and credit card transactions. and agencies

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