UBS Aug Swiss consumption indicator down, remains well above long-term average

UBS said its consumption indicator for Switzerland fell slightly to 1.71 in August from 1.88 in July and 2.12 in June, due to low growth in new car registrations and softening in retail sales. The Swiss bank said that despite the moderate drop, the index is still well above its long-term average of 1.49, indicating that consumer spending should continue its current solid trend. The consumer sentiment index, which has recently seen an impressive rise, should be seen as a positive factor, UBS said.