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At the end of February, 98,452 people were registered as unemployed in regional employment centers (RAV), 2,324 less than the previous month. The unemployment rate fell to 2.1 percent after 2.2 percent in January, as the State Secretariat of Economic Affairs (Seco) announced on Tuesday. Economists surveyed by the AWP news agency had expected between 2.1 and 2.3 percent.
In December, the unemployment rate was already 2.1 percent. The average calculated for the whole of 2022 was 2.2 percent. A lower annual rate was last measured at 1.7 percent in 2001.
The unemployment rate is often subject to seasonal fluctuations, as there are fewer jobs in the winter months, for example in the construction, agriculture and gastronomy sectors. The number of unemployed, seasonally adjusted by Seco, fell by 476 to 86,904 in February 2023. The corresponding unemployment rate remained stable at a very low level of 1.9 percent.
An annual comparison also shows how low unemployment is at the moment. In February 2022, another 19,518 people were registered as unemployed.
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This does not make it easier for companies to find employees. Job search data shows how dry the job market in Switzerland is: According to Seco, the number of registered job seekers in February 2023 was about 2,750 fewer than in January. In an annual comparison, 35,146 fewer people were looking for work.
Jobs reported to RAV increased by approximately 3,200 to approximately 55,000 in the month reviewed. According to the information obtained, approximately 33,000 of these open positions were subject to the employment 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 December 2022 – data is reported with a lag – only about 1,500 people were still in short-term employment. The number of companies affected by the short-run decreased by 8 to 159. (SDA)
Source :Blick
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.
