BRUSSELS (dpa-AFX) - A measure signaling future turning points in the Swiss economy decreased more than expected in August, the results of a survey by the KOF Swiss Economic Institute showed Thursday.
The economic barometer dropped to 97.4 in August from 101.3 in the previous month. The expected reading was 98.0.
Moreover, the reading came below its long-term average, indicating deterioration in the outlook for the Swiss economy.
The outlook for the indicator bundles for manufacturing and hospitality is particularly dampened, while the indicator for foreign demand showed an improvement, the KOF said.
Within manufacturing, the indicators for the chemical and pharmaceutical industry, the wood, glass, stone, and earth segment, and the electrical industry, as well as for the food and beverage producers, showed particularly negative developments.
Combining manufacturing and construction, the sub-indicators for exports and the general business situation were under particular pressure due to the new US tariffs on Swiss imports.
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