Swiss retail sales were up 6.4% on the year in real terms in September, after being flat on the year in August. Swiss retail sales are notoriously volatile but the 3m y/y trend rate also improved, to 4.2% from 2.3%. However, when adjusted for the number of shopping days, sales were up just 2.4% y/y, after a 4.0% increase in August and the 3m y/y rate decelerated to 2.9%, versus 3.7% in August. Overall, data suggest that the retail sector, although having held up relatively well this year, is displaying a downward trend. We are likely to see weaker retail sales figures ahead as consumer demand falters on the back of the credit crunch and weaker confidence.
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