Swiss KOF Leading Indicator Weakens In October

(RTTNews) - A measure signaling future turning points in the Swiss economy weakened notably in October as the recovery of the economy is very uncertain, the results of a survey by the KOF Swiss Economic Institute showed Wednesday.

The economic barometer dropped to 99.5 in October from a downwardly revised 104.5 in September. Meanwhile, economists had forecast a score of 105.1.

Although it is still within the medium-term average range, for the first time since January of this year it is no longer above the 100 mark, the KOF said.

There were decreases in every production-side indicator, including construction, hotel, financial and insurance services, manufacturing, and other services.

Although foreign demand and consumer demand are not following the downward trend, this does not currently give hope for stronger impetus.

Within manufacturing, the outlook is becoming bleaker, particularly for chemical and pharmaceutical companies, the metal industry, the wood, glass, stone, and earth segment, and for food and beverage producers.