Switzerland's consumer confidence deteriorated between April and July, contrary to economists' forecast for an improvement, mainly due to more pessimistic expectations with regard to future economic development and unemployment, a survey by the State Secretariat for Economic Affairs (SECO) showed Wednesday.
The consumer confidence index dropped to -17 points in April-July from -8 points in three months to April. The latest reading was lower than than -4 points economists had expected.
Among components, the measures of households' expectations of the development of the overall economic situation over the next 12 months fell sharply to -20 points in July from -2 points in April.
At the same time, the corresponding indicator of the unemployment situation climbed to 62 points from 49 points in the previous survey period, indicating that consumers expect more pronounced unemployment in the coming months.
Meanwhile, households' perception of the future development of their personal financial situations remained broadly unchanged during the month. Consumers' views of their future savings opportunities turned slightly downbeat in July, with the relevant index falling to 15 points from 20 points in April, data showed.
by RTT Staff Writer
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