ZURICH Dec 27 The UBS Swiss consumption indicator fell to 1.23 points in November from 1.30 in October, the Swiss bank's economists said on Thursday.
NOV '12 OCT '12 NOV '11
Consumption indicator 1.23 1.30 (1.31) 0.81
* Numbers in brackets show the value as was originally reported
COMMENTS FROM THE UBS STATEMENT:
* The decline is primarily due to the drop in new car registrations and the lower number of hotel stays by Swiss nationals.
* The improved business situation in the retail industry staved off a more significant decline.
* The positive trend in the business situation in the retail industry and the continuing high number of new car registrations confirms our relatively optimistic assessment of the further development of private consumption in Switzerland, which is likely to remain an important mainstay of the Swiss economy next year as well.
BACKGROUND ON THE INDICATOR:
The UBS Consumption Indicator is calculated on the basis of five sub-indicators: new car registrations, business activity in the retail sector, the number of domestic overnight stays in hotels by Swiss residents, the consumer sentiment index, and credit card transactions via UBS at points of sale in Switzerland.