February

The KOF Economic Barometer fell slightly in February and now stands at 105 points. This is still to some extent higher than the long-term average. The normalisation since the most recent peak in May 2021 is thus proceeding. The economic situation should therefore continue to develop positively.

The Global Barometers fall slightly in February consolidating the baseline reached since December 2021. Back then, the indices rose following five months of significant losses. The coincident indicator signals a still above average pace for the global economy in the first months of 2022. The leading indicator indicates a continuing normalisation.

The KOF MPC figure for 3 February 2022 is 0.15. At today’s meeting, the ECB’s Governing Council confirmed its monetary policy stance.

The Swiss economy’s recovery is continuing despite the omicron wave at the beginning of the new year. This is demonstrated by the KOF Business Tendency Surveys for January. Although many employees are currently having to quarantine or self-isolate, a specially included KOF question reveals that the loss of sales due to staff absences is limited. The availability of intermediate products, on the other hand, remains a problem.

The KOF Employment Indicator continues to rise and is at its highest level since 2000. Its further increase is mainly due to manufacturing and the wholesale sector. In the hospitality industry, on the other hand, the employment outlook has deteriorated somewhat.