Consumer confidence in Switzerland remains weak, according to a survey conducted by the State Secretariat for Economic Affairs (Seco).

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An index released by Seco on Tuesday showed there was no overall deterioration in confidence between July and October but it remained lower than average at minus 17 points.

Households expect rising unemployment in the coming months but this was offset by a more favorable view of savings possibilities in the near term, the survey showed.

Those surveyed saw no change in future economic development or their personal financial situation, Seco said.

“The attitude towards timing of larger purchases such as household appliances, furniture or cars, also remained virtually unchanged between July and October,” the secretariat said.

The perception of inflation increased along with an anticipation of higher inflation in the months to come, the survey found.

However, concerns about higher prices remained below the “long-term mean” since 1972.

The quarterly results come from a survey of about 1,100 households who are asked to give a subjective evaluation of such issues as economic and budget situations, inflation and job security.  

Two of the four sub-indices used to calculate the consumer confidence index changed, reflecting concerns about the jobless rate.