Switzerland: Consumer confidence surprisingly drops in third quarter
August 9, 2012
In May-July period, the consumer confidence indicator published by the State Secretariat for Economic Affairs (SECO) plunged to minus 17 points from minus 8 points registered in the three-month period to April and contrasted market expectations, which had the index improving to minus 5 points. As a result of the fall, the index nosedived below the 0-point threshold, which indicates that pessimists outnumber optimists. According to SECO, the fall revealed that consumers were more pessimistic about the current economic situation and the future economic prospects for the next 12 months. In addition, consumers' perception of their current financial situation deteriorated compared to the previous period, while their personal financial standing for the year ahead fell over the February-April period.