In May: Unemployment fell below 2 percent

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At the end of May, 88,076 people were registered as unemployed in regional employment centers (RAV), 2,458 less than the previous month. In fact, unemployment decreased by 9,928 people compared to the same month of the previous year.

The unemployment rate fell to 1.9 percent from 2.0 percent the previous month, the State Secretariat of Economic Affairs (Seco) announced on Wednesday. Economists surveyed by the AWP news agency had expected between 1.9 and 2.1 percent.

Therefore, the rate is still at a very low level. A lower value for May was last measured at 1.5 percent in 2001.

The rate, which was 1.9 percent on a monthly basis last fall, increased to 2.2 percent in winter due to seasonal effects. There are fewer jobs in the construction, agriculture and gastronomy sectors, which are often reflected in the quota during the winter months. Adjusted for seasonal factors by Seco, the number of unemployed for May 2023 has now slightly increased, with the corresponding unemployment rate rising from 1.9 percent to 2.0 percent.

Job search data also shows how dry the job market in Switzerland is: with 153,468 registered job seekers in May 2023, 2,568 fewer than in April, according to Seco. In an annual comparison, 21,988 fewer people were looking for work.

However, at the same time, less work is saved on the RAV. In May, it was reported that 51,807 jobs were still open. That’s 416 less than in April. Of these open positions, 32,897 were subject to the job registration requirement. This applies to occupations with an unemployment rate of at least 5 percent.

The short-time working tool no longer plays any role in the Swiss labor market. In March – data is lagging – only 1,000 people were working in short work, 800 fewer than in the previous month.

(SDA)

Source :Blick