A leading indicator for Switzerland’s economy dropped for the fifth month in a row in November, defying expectations for an improvement, to signal subdued economic activity in the coming months, results of a survey showed Wednesday.
The economic barometer dropped to 89.5 from 90.9 in October, the KOF Swiss Economic Institute said. Economists had expected reading to rise to 91.3.
“The negative development of the barometer is primarily driven by indicator bundles for the sector other services,” the KOF said.
Indicators for the accommodation and food service activities sector and private consumption also signaled weakness, while those for foreign demand recorded a slight positive development.