Dec. 27 (Bloomberg) -- A gauge of Swiss consumer demand declined in November on a drop in new car registrations and a lower number of hotel stays by Swiss nationals.
The consumption indicator, which signals developments about three months ahead, fell to 1.23 points from a revised 1.30 points in October, UBS AG in Zurich said in an e-mailed statement today. It had previously reported a reading of 1.31 points for that month.
The indicator is based on new car registrations, business activity in the retail sector, the number of domestic overnight stays by Swiss residents, the consumer sentiment indicator and credit-card transactions at UBS points of sale in Switzerland.
Still, “the positive trend in the business situation in the retail industry and the continuing high number of new car registrations confirms our relatively optimistic assessment of the further development of private consumption in Switzerland, which is likely to remain an important mainstay of the Swiss economy next year as well,” UBS said in the statement.
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