Still low but…: Switzerland’s unemployment rate increased significantly in January

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The number of unemployed people in Switzerland increased significantly in January. This rate currently stands at 2.5 percent, compared to 2.3 percent in the previous December.

Therefore, the rate is at the upper limit of expectations. Economists previously polled by the AWP news agency had expected a figure between 2.2 and 2.5 percent.

However, when adjusted for seasonal effects (as there are fewer jobs in the construction, agriculture and food and beverage sectors during the winter months), the number of unemployed increased only slightly. The adjusted unemployment rate remained at 2.2 percent.

6 thousand more unemployed in one month

By comparison, Switzerland is doing well. The unemployment rate in the EU was at 5.9 percent in December 2023. In the Eurozone, a slightly higher rate was recorded at 6.4 percent.

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Unemployment rate increased in December

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However, the latest development should not be underestimated. 113,175 people were registered as unemployed in regional employment centers (RAV) at the end of January, the State Secretariat for Economic Affairs (Seco) announced on Wednesday. This was 6,316 more than in December.

In December, Seco identified 182,253 job seekers; This includes people who have a job but want to change their job. This was 5,274 more than the previous month. January figures are not yet available.

This is not a welcome development, given the various mass layoffs recently announced in Switzerland that are not yet included in the statistics.

More open positions

As a result: The number of vacancies reported to RAV increased by 6,726 to 42,106.

There is still no dramatic increase in short-time working allowance. By contrast, in November – data reported with a delay – only 4,067 people were working short-time; This was 433 fewer than the previous month. (SDA/rae)

Source :Blick

Tim

I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.