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Home / Tag Archives: 2) Swiss and European Macro

Tag Archives: 2) Swiss and European Macro

Price indices’ upgrade includes addition of an official residential property price index

26.11.2020 – From 2021, the price indices published by the Federal Statistical Office (FSO) will be armed with an updated methodology that reflects market changes as closely as possible. Furthermore, a new price index will be added to the existing set, measuring residential property price change, which will be published on a quarterly basis. These economic indicators are very important, both for economic and monetary policy and for the indexation of monetary values...

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Employment in Switzerland continued to fall in 3rd quarter

26.11.2020 – In the 3rd quarter 2020, total employment (number of jobs) fell by 0.4% in comparison with the same quarter a year earlier (+0.5% with previous quarter). In full-time equivalents, employment in the same period declined by 0.1%. The Swiss economy counted 11 900 fewer vacancies than in the corresponding quarter of the previous year (–15.1%) with the employment outlook indicator also indicating a downward trend (-2.3%). These are some of the latest findings...

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Swiss Trade Balance October 2020: foreign trade falters

We do not like Purchasing Power or Real Effective Exchange Rate (REER) as measurement for currencies. For us, the trade balance decides if a currency is overvalued. Only the trade balance can express productivity gains, while the REER assumes constant productivity in comparison to trade partners. Who has read Michael Pettis, knows that a rising trade surplus may also be caused by a higher savings rate while the trade partners decided to spend more. This is partially...

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House View, November 2020

Macroeconomy The upsurge in covid-19 cases will likely hurt global economic prospects in the current quarter. With a Democrat ‘blue wave’ failing materialise in the US elections, hopes of a substantial spending bill have faded and there is risk that US household incomes suffer as existing support measures fade. In the meantime, covid-19 infections continue surge in the US. The Chinese recovery continues, supported by strong exports and solid improvement in fixed...

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Switzerland Unemployment in October 2020: remained at 3.2percent, seasonally adjusted fallen to 3.3percent

Unemployment Rate (not seasonally adjusted) Registered unemployment in October 2020 – According to surveys by the State Secretariat for Economic Affairs (SECO), 149,118 unemployed people were registered with the regional employment centers (RAV) at the end of October 2020, 558 more than in the previous month. The unemployment rate remained at 3.2% in the month under review. Compared to the same month last year, unemployment increased by 47,434 people (+ 46.6%)....

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Swiss Consumer sentiment: No further recovery of consumer sentiment

Consumer sentiment in Switzerland has largely been stagnating since the summer. All sub-indices used for the calculation are still below their long-term average and none have improved significantly compared to this summer’s survey. Economic development and the situation on the labour market are seen as unfavourable. As of October, the consumer sentiment index stands at –13 points, almost at the same level as in July (–12 points). The sentiment remains gloomy,...

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Swiss Consumer Price Index in October 2020: -0.6 percent YoY, 0.0 percent MoM

03.11.2020 – The consumer price index (CPI) remained stable in October 2020 compared with the previous month, remaining at 101.2 points (December 2015 = 100). Inflation was –0.6% compared with the same month of the previous year. These are the results of the Federal Statistical Office (FSO). The stability of the index compared with the previous month is the result of opposing trends that counterbalanced each other overall. Prices for clothing and footwear increased,...

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Swiss Retail Sales, September 2020: 0.3 percent Nominal and 0.3 percent Real

30.10.2020 – Turnover adjusted for sales days and holidays rose in the retail sector by 0.3% in nominal terms in September 2020 compared with the previous year. Seasonally adjusted, nominal turnover fell by 3.6% compared with the previous month. These are some of the findings from the Federal Statistical Office (FSO). Real turnover adjusted for sales days and holidays rose in the retail sector by 0.3% in September 2020 compared with the previous year. Real growth...

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Weekly View – A sure thing

Signs from last week’s SURE programme to finance partial unemployment schemes are highly encouraging for the EU’s plans for recovery fund issuance which could start, we believe, in mid-2021. Last week’s SURE issue was close to 14 times oversubscribed at a rate lower than that for French government bonds of comparable duration. We believe this sale marks the arrival of a major new sustainable asset that benefits from the highest rating. An increase in ECB bond...

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World Data Forum: strong international cooperation for quality data

22.10.2020 – The United Nations World Data Forum took place from 19 to 21 October 2020 in digital format due to COVID-19. The event brought together several thousand experts to find innovative solutions in order to meet the need for better quality data to implement the 2030 Agenda and to control the pandemic. Every two years, the United Nations World Data Forum (UNWDF) brings together participants from various regions, countries and data communities, covering the...

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