Switzerland: Retail sales weaken in September
October 7, 2014
In September, retail sales expanded 0.3% over the same month last year in seasonally- and working-day adjusted terms. The reading came in below the revised 1.5% expansion tallied in August (previously reported: +1.9% year-on-year) and was only a fraction of the 1.0% expansion the markets had expected.
According to the Federal Statistics Office, the deceleration in September mainly reflected a softer increase in sales of non-food items. Sales of food bounced back and expanded in September from a mild contraction in August.
A month-on-month comparison points to a sharper deterioration than the slowdown suggested by the annual data: retail sales fell a seasonally-adjusted 0.9% in September, which contrasted the 1.8% expansion tallied in August. Annual average growth in retail sales inched down from 1.6% in August to 1.5% in September.
Author: Ricardo Aceves, Senior Economist