Update 30 December  Zurich, Switzerland (GenevaLunch) – Swiss consumers are spending more, according to the November consumption index published by bank UBS Tuesday 29 December. The latest index shows consumption at 1.28, well below its long-term average of 1.5, but the highest figure since September 2008. The KOF Swiss Economic Institute Wednesday added its voice to forecasts for coming months, saying that it expects the Swiss economic recovery to flatten out in early 2010.

The bank measures consumer sentiment based on five criteria: new car registrations, business activity in the retail sector, the number of overnight stays in domestic hotels by Swiss residents, the consumer sentiment index, and credit card transactions processed by UBS at points of sale in Switzerland.

Jobless rate likely to continue at same level

Switzerland’s higher than usual jobless rate is likely to continue for several months, despite an upturn in the economy, TSR reports, based on the semi-annual newsletter published by Crea, the University of Lausanne’s Institute of Applied Macroeconomics. Valais will be the first canton to see the figure drop, the study concludes.

UBS notes in its consumption index report for November that an expected rise in unemployment will keep consumer spending from rebounding more strongly. It is expected to return to previous levels only late in 2010.

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