Swiss Consumer Confidence Falls to Lowest in More Than Two Years
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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