- KOF Economic Research Agency
Sales at Swiss retailers rebounded in April, indicating improved consumers' mood and suggesting consumers' are now more confident about economic future and are showing willingness to increase spending, the Federal Statistics Office said Monday. According to the report, the nation's retail sales grew by real 3.3% in April from the prior year, following a 0.8% drop in the month earlier. Excluding volatile sales of fuel, retail turnover surged 3.5% annually, reversing preceding month's 0.9% decrease. On a monthly basis, sales gained 1.4% after being flat in March. Retail sales are the primary gauge of consumer spending, which accounts the majority of overall economic activity and the improvement is adding to signs the economy will continue gathering pace.
In a separate report, the State Secretariat for Economic Affairs said that Swiss unemployment rose last month, reaching the highest since 2010, raising concerns the economy is still vulnerable to the strong Franc. The overall jobless rate rose to 3.2% from 3.1% in April, meeting analysts' expectations. The number of job opening fell by 1,327 to 14,808 in May, with total 185,012 people seeking for a job. Earlier this month the SNB President Thomas Jordan said that the Swiss Franc is remaining overvalued even though financial market stress is waning.
© Dukascopy Bank SA