Swiss labor market cools significantly
Published: Wednesday, Oct 30th 2024, 10:20
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The recent economic slowdown is having an impact on the Swiss labor market. The placement of permanent and temporary workers fell significantly in the third quarter of 2024.
In the permanent placement business, the turnover of recruitment agencies fell by almost 26% from July to September compared to the previous year. This means that the decline was even greater than in the previous quarter (-20.8%), the association of recruitment agencies Swissstaffing announced on Wednesday.
At the same time, the temporary staffing sector recorded a further 5.3% decline in the number of hours worked, as the "Swiss Staffingindex" shows. According to the association, these developments point to increasing uncertainty among companies: Companies were reluctant to create new jobs in the face of uncertain future prospects.
And the labor market is likely to remain tight for the foreseeable future, explained Swissstaffing. The economic growth of 1.2 percent forecast by the State Secretariat for Economic Affairs (SECO) for 2024 is not enough to stimulate employment.
With the 1.7 percent forecast for next year, the economic situation is likely to brighten. However, according to Swissstaffing, this "slight" increase is not expected to lead to a sharp fall in unemployment or an increase in employment.
Swissstaffing represents the interests of 480 Swiss personnel service providers. The market research institute gfs-Zurich conducts regular surveys on behalf of Swissstaffing.
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