Switzerland: Retail sales contract in November at fastest pace in over three years
January 16, 2015
In November, retail sales contracted a seasonally- and working-day adjusted 1.2% over the same month of the previous year. The reading contrasted the revised 0.6% expansion registered in October (previously reported: +0.3% year-on-year) and marked the steepest fall in more than three years. Moreover, the print undershot the flat reading the markets had expected. According to the Federal Statistics Office, November’s plunge reflected lower sales of both food items and non-food items.
On a sequential basis, retail sales adjusted for seasonal factors rose 0.2% in November over the previous month. The reading came in slightly below the 0.3% rise observed in October.
Annual average growth in retail sales fell from 1.5% October to 1.0% in November.
Author: Ricardo Aceves, Senior Economist