For April
Provided by: Credit Suisse
Official Release: PDF 

From the Release: "The SVME Purchasing Managers' Index (PMI) edged up by 1.4 points to 56.7 points in April, its first increase since January of this year. The index thus remains above the long-term average of 54.5 points, although there is no hiding the longer-term slowdown in the pace of industrial growth. The average PMI for the year to date is 58.5 points. This time last year it was 6% higher at 62.2 points. All in all, the latest rise in the index tells us that expansionary momentum in industry is easing off gradually.

Four out of the PMI's five subcomponents were behind the improvement in the index during the month just ended. The output component, for example, put on 2.5 points to reach 58.3 points, signaling somewhat livelier production over the month. When the trend is smoothed out over three months, however, it would seem that the slowdown is bedding in.The sliding three-month average fell from 61.0 to 58.9 points –its lowest level since the end of 2005. The backlog of orders component rose 2.3 points to 55.6 points, reflecting a modest recent boost to order books. The longer-term picture nonetheless also reveals lower activity levels. At 57.9 points, the average backlog of orders subindex for the year to date lags 9.6% behind the year-back figure. The stocks of purchases component was up 4.2 points to 52.8 points, while the suppliers' delivery times component extended by 0.3 points to 55.8 points. Meanwhile, the employment component slipped 1.7 points to its lowest level since June 2006 (59.0 points)."

Seasonally adjusted rate for April
Provided by: Swiss Federal Statistics Office

Unemployment Rate n.s.a.: 2.6%, forecast 2.5%, pr. 2.6%

The unemployment rate in Switzerland increased for the first time in more than four years. The credit crunch caused several key companies to lay off workers including UBS (plans to cut 5,500 jobs) and chemical makers Clariant AG and Ciba Specialty Chemicals AG. UBS has had to write down $38 billion in losses associated with financial turmoil, while high oil costs have cuased the chemical makers to cut payrolls. With global growth slowing, and the financial sector recuperating, job losses may increase in the Swiss economy. The Swiss economy grew at a fast clip in the 4th quarter, as export demand, especially from Asia and Europe helped offset a decline in demand from the US market. Like we have seen in Germany, the pressures coming to bear in other industrial economies is starting to creep into the economy and growth figures should be expected to decline.

For March
From the Swiss Federal Statistics Office

Retail Sales increased at a fast clip in Switzerland during March, registering a 9.7% increase year-on-year. It was the biggest rise in 2 years, but was boosted thanks to an early Easter which increased spending on food and drinks. The labor market has held up strong giving consumers more money to spend, but as the US led slowdown seeps into the Euro-zone and other economies, employers may scale back. Switzerland, like we saw from Germany and Japan, may post better than expected 1st quarter GDP results, but if this momentum continues into the 2nd quarter remains to be seen.  

For May
Provided by: Credit Suisse
Official Release: Press Release
Financial Market Report: PDF 

The Credit Suisse/Center for European Economic Research (ZEW) Expectations index improved, though it is still negative overall. The number of respondents that believe the economy will deteriorate shrank 10.9% to 65%. Inflation is expected to continue to rise (54% of respondents, up 17.5%). The number of analysts expecting short term interest rates to rise increased 12.7% to 22.9%, though 62.5% see no change.

The Swiss Franc continued its gains on the Yen, Euro and Dollar that started in yesterday's session following higher producer prices data.      

From the Release:

"The results of this month's survey conducted in conjunction with the Financial Market Test Switzerland paint a more positive picture of economic momentum on a six-month horizon, although respondents continue to expect the economy to weaken. Nearly 65% of the participants in the May survey still predict that the economy will deteriorate, but this group shrank by 10.9 percentage points versus the previous month. Almost one-third of the experts now expect to see no change in the economy in the medium term. The corresponding balance of indicators thus increased by 11 points to the -60.4 mark." 

For April
Provided by: UBS
Official Release: Media Release

From the Release: The UBS consumption indicator showed another slight decline in April. However, at 2.18 the indicator confirms last year's high levels, and is still significantly above its long-term average. As such, it is a sign of continuing solid growth in consumer spending in Switzerland.

The monthly UBS Consumption Indicator stood at 2.18 in April, after a revised 2.25 in March and 2.32 in February. It is still holding steady at a high level, way above the long-term average of 1.50, which it has exceeded for two years now. The decline in April is primarily due to deteriorating consumer sentiment and slower business activity in the retail sector. Both indicators, however, point to further expansion. The seasonal drop in domestic hotel overnight stays by Swiss nationals had a minor negative impact. The remaining indicators acted as a support, particularly the number of new car registrations which rose 14.8% from the prior year."

For May
Provided by: The Swiss Institute for Business Cycle Research
Official Release: PDF

From the Release: "In the end of May 2008 the KOF economic barometer points at 1.09, which is somewhat lower
than the April reading of 1.20 (now revised to 1.21). Accordingly, it is signalling that Swiss GDP growth is continuing its slowdown, but will remain positive on a year-on-year basis.

Core GDP (GDP excluding construction and banking) is pointing downward but remains on a comparatively
high level. Construction is pointing sideways on a level close to zero, which implies that construction activity is stagnating. The Banking sector is in negative territory and continuing its downward path.

The Core GDP module accounts for more than 90% of Swiss GDP and hence dominates our barometer. It is based on three measurement modules, which presently all signalling a slowdown. Yet, while Domestic consumption is still positive, the Swiss Manufacturing and Export destinations EU measurement models are close to zero."