Number of people in employment rises by 2.2 percent in the third quarter
Published: Monday, Nov 13th 2023, 08:50
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The Swiss labor market remains extremely robust. The number of people in employment increased by 2.2% to 5.310 million in the third quarter of 2023 compared to the same quarter of the previous year.
The number of employed men rose by 1.8 percent, while the number of employed women increased by 2.6 percent. These are the findings of the Swiss Labor Force Survey (SLFS) published by the Federal Statistical Office on Monday.
Expressed in full-time equivalents, the increase amounted to 2.4%. The increase for men was 2.0%, while the increase for women was 2.9%. Seasonally adjusted, i.e. compared to the second quarter of 2023, the number of people in employment fell by 0.2%, while the number of full-time equivalents remained unchanged.
The unemployment rate fell to 4.2% in the third quarter, compared to 4.3% in the same period of the previous year. This means that 214,000 people were unemployed in Switzerland according to the International Labor Organization (ILO) definition. That was 1,000 more than a year earlier.
The ILO unemployment rate is significantly higher than the unemployment rate as defined by Seco, which only counts people registered as unemployed. Seco also publishes monthly rather than quarterly figures. In October, the Seco unemployment rate remained at a very low level of 2.0%.
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