An index measuring the confidence of Swiss consumers edged slightly higher, according to a survey published Thursday, but still remained subdued as the strong Swiss franc continues to weigh on the Alpine country’s economy.
The quarterly Swiss consumer sentiment index was at minus 18 points, slightly up from minus 19 in the previous quarter. The index is compiled by the State Secretariat for Economic Affairs, known as Seco, and is based on a poll of around 1,200 households, Economists had expected an average of minus 18.
The survey “remains very low compared to historic levels” Seco said, and below the long term average of minus nine points.
It was the fourth survey since the Swiss National Bank scrapped the cap it set on the franc, sending the currency sharply higher against the euro–the currency of Switzerland’s main export market, putting pressure on exporters.
While a slight improvement in economic development is expected, household concerns around future unemployment and job security have increased, the study said.