Consumer confidence drops to 16-year low
Swiss consumer confidence dropped to a 16-year low in July, the State Secretariat for Economic Affairs (Seco) said on Thursday.
The index for the second quarter of 2009 sank to -42 points, the lowest since July 1993. The result is slightly better than analysts’ predictions.
Seco said the slip is due to poor economic forecasts during the last year. Meanwhile, households felt their budgets had also worsened.
But the report did contain glimmers of hope, with consumers feeling their economic situation will improve over the next year.
Job security has also improved for the first time in a year, but consumers remained unchanged in their attitudes about being able to save money and make large purchases.
Seco analysts say consumer sentiment should continue to improve over the next quarter.
The report is based on a survey of 1,100 households.
swissinfo.ch and agencies
In compliance with the JTI standards
More: SWI swissinfo.ch certified by the Journalism Trust Initiative
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.