A gauge of Swiss consumer demand declined in January, UBS AG (UBSN) said.
The consumption indicator, which signals developments about three months ahead, slipped to 0.92 point from a revised 0.94 point in December, the Zurich-based bank said in an e-mailed statement today. It had previously reported a December reading of 0.92 point.
“UBS is still confident about the private consumption trend and expects the consumption indicator to exhibit an upward tendency in the coming months,” it said.
The consumer indicator is based on new car sales, retail sales, the number of domestic overnight stays by Swiss residents, consumer confidence and credit-card transactions made via UBS at points of sale in Switzerland.
To contact the reporter on this story: Simone Meier in Zurich at email@example.com
To contact the editor responsible for this story: Craig Stirling at firstname.lastname@example.org