Swiss SECO consumer climate dropped to -39 in Q2, down from -9. That’s well below the lowest level seen in the 2008-2009 financial and economic crisis. The only other time consumer sentiment values have been this low was in the early 1990s in the wake of the real estate crisis, when the Swiss economy suffered a prolonged recession with a dramatic rise in unemployment.
Looking at some details, expected economic development tumbled from -7.1 to -78.3. Past financial situation improved from -14.2 to -7.2. Expected financial situation improved from -8.0 to -23.6. Major purchases dropped from -8.3 to -48.0.
Also from Swiss, CPI dropped -0.4% mom, -1.1% yoy in April, well below expectation of -0.1% mom, -0.5% yoy.
