Recovery in the labor market: Unemployment rose to 2.0 percent

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The Swiss labor market is doing well, but the number of unemployed rose slightly in August. The unemployment rate is currently at exactly 2 percent.

That’s a minor turnaround: Unemployment has been falling or at least not increasing in Switzerland since February. However: In the annual comparison, the improvement remains pleasing, as the specific figures show.

According to the State Secretariat for Economic Affairs (Seco) on Thursday, 89,881 people were registered as unemployed at regional employment centers (RAV) at the end of August. This was 2,280 more than in July (+2.6 percent). However, compared to the same month last year, unemployment fell by 1,491 people (-1.6 percent).

dry job market

It was stated that the unemployment rate rose to 2.0 percent from 1.9 percent in the previous month. Economists surveyed by the AWP news agency expected a value of only 1.9 percent. Meanwhile, the unemployment rate, adjusted for seasonal factors by Seco, remained at 2.1 percent.

Job search data also shows that the job market in Switzerland is drying up: In August, Seco counted 152,317 job seekers. This was 1,644 more than the previous month, but 9,077 less than a year ago (-5.6%).

The number of vacancies reported to RAVs fell by 1,838 to 47,366. According to Seco, 29,432 jobs were subject to the registration requirement that applies to occupations with an unemployment rate of at least 5 percent.

The short-time working tool continues to play only a minor role in the Swiss labor market. In June (data reported with a lag) 959 people were on short-term employment; this number was 313 less than the previous month. The number of companies affected decreased by 13 to 57 companies.

Source :Blick