Retail sales advance despite recession fears
Swiss annual retail sales rose 1.7 per cent in September despite fears that the September 11 attacks might tip the global economy into recession.
Strong sales revenue in clothing and shoes helped boost the figures according to the latest information from the Federal Statistics Office.
It said retail sales increased 2.3 per cent in the first nine months of 2001 versus the same period in 2000.
Financial markets, however, largely shrugged off the data and concentrated instead on a survey on Thursday that showed plunging customer confidence.
Analysts said there was also a feeling that bad weather in September had inflated retail sales.
Slowing economic growth around the world prompted more rate cuts this week by the US Federal Reserve, the European Central Bank and the Bank of England.
The Swiss National Bank kept its rates steady, noting it had already eased monetary policy in September.
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