Swiss KOF economic barometer dropped to 99.1 in November, down from 100.2 and missed expectation 99.8. It’s the second consecutive month of decline and is now below long term average again.
KOF noted that “this month’s decline was in particular due to less favourable export prospects. The impetus from foreign demand is likely to weaken somewhat in the coming months.” Also, “the development in the banking and insurance sector may lose some of its momentum.” On the other hand, there’s “slight support” from construction sector and private consumption. And, manufacturing is also “resisting downward tendency”.
