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Swiss Consumer Confidence Improves Strongly To 11-year High

Switzerland's consumer confidence rose sharply in July to its highest level in over a decade as households turned strongly optimistic regarding the economy, survey data from the State Secretariat for Economic Affairs showed Tuesday.

The consumer confidence index rose to 7.8 from -6.5 in the previous quarter. The latest consumer confidence reading was well above its long-term average of -5 points and its highest level since July 2010.

More people now expect a general upswing in the economy and a fall in unemployment, the SECO said.

The sub-index reflecting the expectations of general economic growth climbed to 48.5 from 5.2. The score was the highest since the survey began in 1972.

The index measuring expectations on the future financial situation climbed to 2.6 from -6.0. The reading was above its long-term average for the first time in over six years.

The gauge indicating households' willingness to make major purchases rose to -12.1 from -13.2.

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