The leading indicator partially rebounded in November after falling below its 100 long-run average in October. At 101.8, up from October's firmer revised 99.7, the gauge was 1.8 points above the market consensus albeit still well short of September's 104.0.

Manufacturing, financial and insurance services, other services, hospitality and the construction sector all made a positive contribution. However, consumer demand was hardly changed and foreign demand deteriorated. Within manufacturing, the outlook wad positive production activity and order books but employment prospects worsened.

In sum, November's data show many indicators recovering from October's disappointingly soft report. They also boosts the Swiss RPI to minus 7 and the RPI-P to exactly zero, showing economic activity in general now largely meeting market forecasts.

The headline index is seen rising to 100.0 in November, matching its long-run average.

The KOF Economic Indicator is a composite leading indicator that aims to identify shifts in the Swiss business cycle around three months ahead of the actual event and, until the start of 2014, was based on twenty-five different economic indicators. The old version of the KOF Economic Indicator used the previous year's GDP growth rate published by the Swiss State Secretariat for Economic Affairs (SECO) as a yardstick. The revised measure still incorporates SECO data; however, KOF has changed over to month-on-month changes in GDP which are generated via statistical methods. This reference series is not about exact GDP figures but about the direction and strength of the economic trend. The new objective of the Barometer is the same as the old objective: achieving maximum possible accuracy in predicting the Swiss business cycle.

The indicator measures overall economic activity through a qualitative business survey about developments in the recent past, the current situation and expectations for the next three to six months. Getting an accurate handle on where the economy is headed is inevitably a vital element in all investment decisions and the new measure uses some 219 variables in order to do just that. The set of variables will be reviewed every autumn.

Survey questions relate to production, orders and stocks of finished goods. The KOF Swiss Economic Institute publishes this indicator monthly.