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Swiss KOF dropped to 106.6, subdued outlook in view of pandemic and restrictions

Swiss KOF Economic Barometer dropped to 106.6 in October, down from 110.1, missed expectation of 107.0. KOF said, “the economic outlook for Switzerland is subdued in view of the pandemic situation and the restrictions that are likely to result from it.”

“The lower level of the KOF Economic Barometer in October is in particular due to negative developments of the indicator bundles of the economic sector other services, the accommodation and food service activities and foreign demand. In addition, indicators relating to the manufacturing sector also recorded a decline. By contrast, private consumption and the construction sector remained virtually stable relative to the previous month.” KOF added.

Full release here.

Also from Swiss, retail sales rose just 0.3% yoy in September, worse than expectation of 2.8% yoy.

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