Swiss KOF Leading Indicator Rises Marginally

(RTTNews) - A measure signaling future turning points in the Swiss economy increased unexpectedly in September, though marginally, results of a survey by the KOF Swiss Economic Institute showed Friday.

The economic barometer remained almost unchanged in September, rising 0.3 points from August to 93.8. Economists had forecast the index to fall notably to 84.5.

With the barometer weakening in recent months, Swiss economic activity is expected to cool at the end of 2022, the KOF said.

Manufacturing and other service sectors are primarily responsible for the slight increase in September. Meanwhile, indicators from the finance and insurance sectors and for foreign demand indicated negative signals.

Separate data from the Federal Statistical Office showed that annual retail sales growth accelerated to 5.4 percent in August from 4.9 percent in July. This was the third successive monthly rise.

On a monthly basis, retail sales rose 1.5 percent in August versus 0.2 percent in July.