Number of people in employment rises by 0.5 percent in the second quarter
Published: Tuesday, Aug 20th 2024, 09:00
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The Swiss labor market continues to develop positively. The number of people in employment rose by 0.5% year-on-year to 5.327 million in the second quarter of 2024.
The number of employed men remained stable compared to the same quarter of the previous year, while the number of employed women increased (+1.2%), according to the Swiss Labor Force Survey (SLFS) published by the Federal Statistical Office on Tuesday.
In full-time equivalents, the increase was 0.1%. On a seasonally adjusted basis, the increase in the number of people in employment compared to the first quarter was 0.2%, while the number of full-time equivalents fell by just under 0.1%.
The number of Swiss workers fell by 0.8% year-on-year. In contrast, an increase of 3.2% was recorded for foreign workers. The increase was particularly strong among people with a residence permit (+7.4%) and short-term residents (+6.3%). There was also an increase in the number of cross-border commuters (+3.2%). The increase for persons with a permanent residence permit was only 0.1%.
The unemployment rate rose to 4.0% in the second quarter from 3.7% in the same quarter of the previous year. According to the definition of the International Labor Organization (ILO), 203,000 people were unemployed, 15,000 more than in the second quarter of 2023.
Seasonally adjusted, the unemployment rate rose by 0.1 percentage points compared to the first quarter of 2024 to 4.2%.
The ILO unemployment rate is significantly higher than the unemployment rate as defined by Seco, which only counts people registered as unemployed.
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