KOF employment indicator falls further
Published: Friday, May 3rd 2024, 09:20
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Zurich (awp) - The employment outlook in Switzerland continues to weaken. This is particularly evident in the manufacturing and banking sectors, as the KOF Swiss Economic Institute stated in a forecast on Friday.
The employment indicator calculated by the KOF fell for the fifth time in a row in the second quarter and is now only slightly in positive territory at 3.4 points. In the first quarter, it was still at a downwardly revised 5.9 points (previously: 7.5 points).
Since reaching a historic high of 16.7 points in mid-2022, the indicator has shown a downward trend and is moving towards the long-term average of 1.5 points, the report continued. Nevertheless, the majority of companies still expect to increase their workforce.
The employment indicator is calculated from the KOF's quarterly economic surveys. According to the press release, the evaluations for the first quarter are based on the responses of around 4,500 companies that were surveyed in January about their employment plans and expectations.
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