Switzerland's consumer confidence deteriorated in November as households were less optimistic about general economic situation and the labor market conditions, survey data from the State Secretariat for Economic Affairs, or SECO, showed Monday.
The consumer confidence index fell to -10.4 in November from -8.0 in the previous quarter. The reading was below its long-term average of -5.
Expectations regarding general economic situation dropped notably. The corresponding index came in at -19.6 versus -0.9 a quarter ago. The reading fell below its long-term average for the first time in more than three years.
The survey said the outlook for the labor market clouded over too.
Meanwhile, households' assessment of past and future financial situation improved from the previous quarter.
The assessment of the financial situation in the last few months rose to -10.9 from -12.9 in the preceding period. Likewise, the index measuring expected financial situation advanced to -2.8 from -7.6.
The indicator for major purchases improved to -8.4 from -10.8 in the second quarter.