A gauge of Swiss consumer demand rose in December, suggesting the economy is stabilizing.
The consumption indicator, which signals developments about three months ahead, advanced to 0.92 from a revised 0.78 in the previous month, UBS AG in Zurich said in an e-mailed statement today. It had previously reported a November reading of 0.81.
“The UBS economists are confident that the consumption indicator has bottomed out and believe it could rise over the course of the year,” UBS said in the statement. “The persistently high immigration of labor force is likely to continue to support domestic consumption.”
The consumer indicator is based on new car sales, retail sales, the number of domestic overnight stays by Swiss residents, consumer confidence and credit-card transactions made via UBS at points of sale in Switzerland.