Switzerland’s consumer confidence weakened in the fourth quarter as households’ concerns regarding the economic situation and the labor market increased amid a resurgence in the [coronavirus][1] pandemic in Europe, defying expectations for a strong improvement, survey data from the State Secretariat for Economic Affairs, or SECO, showed on Thursday.
The consumer confidence index rose fell to -12.8 from -12.0 in the third quarter. Economists had forecast a score of -8.0.
The reading had plummeted to a low of -39.3 in the second quarter.
“The sentiment remains gloomy, coming in well below the long-term average of -5 points,” SECO said.
“Economic development and the situation on the labor market are seen as unfavorable,” the agency added.
None of the sub-indexes showed significant improvement.
The sub-index reflecting expectations on the general economic situation rose to -14.1 from -16.8.
The measure showing consumers’ assessment on the past financial situation fell to -14.8 from -10.0.
The index reflecting their view on the financial outlook dropped to -6.6 from -4.2.
The sub-index reflecting households’ inclination towards big purchases improved to -15.9 from -17, but remained below-average largely due to the highly uncertain outlook.
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