Unemployment rate falls slightly in February
Published: Thursday, Mar 7th 2024, 10:01
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The number of unemployed people in Switzerland fell slightly in February. The rate now stands at 2.4% after 2.5% in the previous month of January.
Specifically, the number of unemployed fell by just under 1,300 to around 111,900 in February, as reported by the State Secretariat for Economic Affairs (Seco) on Thursday. This is the first time the rate has fallen since May last year. Since then, it had risen over the months from 1.9 to 2.5 percent.
However, Boris Zürcher, Head of the Directorate of Labor at the State Secretariat for Economic Affairs (Seco), put the decline into perspective in front of the media. Unemployment fell in the construction industry in particular, which was due to seasonal factors and probably also the weather.
Adjusted for seasonal effects, however, the number of unemployed rose slightly, although the adjusted unemployment rate remained at 2.2%. The unemployment rate is usually subject to seasonal fluctuations, as there is less work in the winter months, for example in construction, agriculture and catering. This is masked by the adjusted figure.
Normalization continues
All in all, the seasonally adjusted trend of recent months has continued, according to Zürcher. He speaks of a "gradual normalization" on the labour market, which was still characterized by a shortage of skilled workers last year. The normalization is a consequence of the weaker economic development.
However, the increase is anything but dramatic. A year ago, the unemployment rate was at a very low level. "If we ignore that, we are currently still at the lowest level since 2002," says Zürcher. The rate is therefore still "very, very low". There can therefore be no talk of an actual downturn on the labor market.
Further decline possible
And this is unlikely to change. On the contrary, a further slight seasonal decline is possible until early summer, whereby the rate could fall to "close to 2%", according to Zürcher. For 2024 as a whole, Seco is forecasting an average unemployment rate of 2.3%.
There were no significant changes in insolvencies and mass redundancies in February. There was also no increase in short-time working.
On the contrary, in December - the data is reported with a delay - only just under 2,600 people were on short-time work, a good 3,400 fewer than in the previous month. And in February, according to Seco's Zürcher, the number of pre-applications for short-time work compensation also fell slightly. "Overall, we are seeing a sideways movement in short-time work at a very low level."
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