The Swiss Labor Market Has Yet to Feel the Weaker Economic Trend
Published: Monday, Aug 7th 2023, 10:40
Actualizado el: Viernes, Oct 13th 2023, 14:12
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The Swiss labour market remains robust despite signs of an economic slowdown. The unemployment rate remained at a very low level in July and companies continue to struggle to fill vacancies with suitable personnel. According to the July report from the State Secretariat for Economic Affairs (SECO), the number of people registered as unemployed at the Regional Employment Centers (RAV) increased by 2502 to 87,601, but the unemployment rate remained low at 1.9%. The number of job seekers was only slightly higher than in the previous month, but 12,600 fewer than a year ago. Boris Zürcher, head of the SECO's Directorate for Labour, said that the extremely low unemployment rate shows that the economic slowdown has not yet had an impact on the labour market. He added that the shortage of skilled and qualified workers in Switzerland is still pronounced. SECO economists expect the unemployment rate to average 2.3% in 2024. Mass layoffs at companies such as Rieter, Arbonia and Idorsia have not yet had an impact on the SECO statistics. Zürcher said that this is due to the need for social plans, the observance of notice periods and the fact that not all jobs are cut at once. He also noted that people affected by layoffs often find new jobs quickly. The number of open positions at the RAVs decreased by 2527 to 49,204 in July, 18,800 fewer than a year ago. The number of people affected by short-time work decreased by 226 to 1,272 in May, while the number of companies affected decreased by four to 70. A year ago, 5,552 people in 960 companies were on short-time work.nnnnnn
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