Swiss consumer confidence weakened more than economists forecast in October, as households grew more pessimistic about job prospects and the economic outlook.
An index based on a quarterly survey of about 1,100 households declined to minus 24 from minus 17 in July, the State Secretariat for Economic Affairs in Bern said in an e-mailed statement today. That’s the lowest since July 2009. Economists forecast a drop to minus 22, according to the median of eight estimates in a Bloomberg News survey.
Swiss households are growing more pessimistic as the economy shows signs of cooling just as a surging franc adds pressure on companies to cut costs and eliminate jobs. Novartis AG (NOVN), Europe’s second-largest pharmaceutical company, last month said it plans to eliminate 1,100 jobs in its home market and Swiss finance minister Eveline Widmer-Schlumpf yesterday said the strong franc is posing threats to the economy.
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