Switzerland's economy is recovering at a solid pace as manufacturers are cranking up production and companies are stepping up hiring, with data on Monday showing record growth in a Swiss purchasing managers' index and in a quarterly employment barometer.
Consumers are also spending although a 0.9 percent rise in retail sales in June was much slower than a 3.9 percent increase in May and sales were slightly lower on the month, data from the Federal Statistics Office showed. The Swiss PMI rose to 66.9 points in July, its highest level since the index was launched in September 1995 and up from 65.7 points in June, said Credit Suisse, which compiles the index together with the Swiss SVME purchasing managers' association. Analysts polled by Reuters had expected a fall to 65.1.
The Swiss economy has emerged less bruised from the global recession than many other European countries thanks to its resilient consumers. The Swiss National Bank expects the economy to grow by around 2 percent this year. Also on Monday, the KOF institute said its quarterly employment barometer rose at the fastest pace on record in July and hit its highest level since the third quarter of 2008, showing that Swiss companies plan to increase hiring.
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