A measure of Swiss consumption increased in May, although the indicator was adversely affected by the recently released employment figures for the first quarter, survey data from the UBS investment bank showed Wednesday.
The UBS Consumption indicator rose to 1.35 points in May from 1.24 in April, which was revised down from 1.47. This was due to weaker than expected employment figures in the first quarter of this year.
Moreover, this represented the first decline in employment since 2010. Employment fell most in the industrial sector, while those in the service sector rose marginally.
Private consumption grew 2.8 percent on an annualized basis in the first quarter.
“Private consumption should remain a pillar of Swiss growth for the remainder of the year, but appears unlikely to repeat its first quarter performance,” the UBS bank said.
“A more dynamic development will probably be held back by sluggish employment growth, declining immigration and rather pessimistic consumer sentiment.”
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