ZURICH, June 25 (Reuters) - The UBS Swiss consumption indicator rose to 1.77 points in May from a revised 1.68 points in April, the Swiss bank’s economists said on Wednesday.
May ‘14 April ‘14 May ‘13 Consumption indicator 1.77 1.68 (1.72) 1.45
* Numbers in brackets show the value as was originally reported
* Following quite a weak first quarter for private consumption, with growth of only 1.2 percent year-on-year, the UBS consumption indicator is pointing toward acceleration in the second quarter.
* It has been a long time since we have seen so much optimism among retailers. Although nominal retail revenues fell 1.3 percent in April compared to the previous month, business conditions seem to have brightened somewhat in May.
* New car registrations were marginally down in May. This marks the continuation of the negative trend in the car trade, with almost 6 percent fewer new cars registered in the first five months of this year compared with the same period last year.
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.