A measure of Swiss consumer demand increased slightly in February on better-than-expected new car registrations and a slight improvement in retail sales, UBS AG (UBSN) said.
The consumption indicator, which signals developments about three months ahead, rose to 1.26 points from a revised 1.15 points in January, the Zurich-based bank said in an e-mailed statement today. The January figure was previously reported as 1.18.
The indicator is based on new car registrations, retail sales, the number of domestic overnight stays by Swiss residents, consumer confidence and credit-card transactions at UBS points of sale in Switzerland.
“Retail sales in particular were on the increase, thus extending the positive trend that has been apparent for a number of months,” UBS said in the statement.
To contact the reporter on this story: Catherine Bosley in Zurich at email@example.com
To contact the editor responsible for this story: Craig Stirling at firstname.lastname@example.org