A measure signaling future turning points in the Swiss economy decreased unexpectedly in June to the lowest level in six months, the results of a survey by the KOF Swiss Economic Institute showed Monday.
The economic barometer dropped to 96.1 in June from 98.6 in the previous month. The expected reading was 99.3.
Moreover, this was the lowest reading this year so far, indicating deterioration in the outlook for the Swiss economy.
The negative developments are reflected in the majority of the indicator bundles included in the KOF Economic Barometer, especially the indicator bundle for manufacturing, which is considerably under pressure, the KOF said.
Within manufacturing, the decline was more evident for the wood, glass, stone, and earth segment, followed by the chemical and pharmaceutical industry and the metal industry.
Combining manufacturing and construction, the indicators for the production industry exhibited predominantly negative developments, particularly for the general business situation.