BRUSSELS (dpa-AFX) - Switzerland's consumption indicator improved for the third straight month in June driven by an increase in new car registrations, figures from the UBS bank showed Wednesday.
The consumption indicator climbed to 1.68 in June from 1.62 in the previous month, which was revised down from 1.73. Economists had expected the index to rise to 2.5.
Despite the retail sector's slightly more pessimistic mood, the rising number of new car registrations signals solid growth in private consumption, the Bank said.
The registration of new cars grew by around a fifth, both yearly and monthly in June.
Meanwhile, the retail sentiment reflected a gloomy outlook for business activities. The corresponding index dropped to -13 in June from -10 in the preceding month.
Copyright RTT News/dpa-AFX