Unemployment rate rises significantly in January
Published: Wednesday, Feb 7th 2024, 08:10
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The number of unemployed people in Switzerland rose significantly in January. The rate now stands at 2.5 percent after 2.3 percent in the previous month of December.
At the end of January, 113,175 people were registered as unemployed with the Regional Employment Centers (RAV), as reported by the State Secretariat for Economic Affairs (Seco) on Wednesday. This was 6316 more than in December.
The rate is therefore at the upper end of expectations. Economists surveyed in advance by the news agency AWP had expected a figure of 2.2 to 2.5 percent.
Adjusted for seasonal effects, however, the number of unemployed rose only slightly. As a result, the adjusted unemployment rate remained at 2.2%.
The unemployment rate is usually subject to seasonal fluctuations because there is less work in the winter months, for example in construction, agriculture and catering. This is masked out by the adjusted figure.
Still at a low level
In a long-term comparison, the unemployment rate is still at a low level despite the current increase. Nevertheless, the data on job searches now also shows a slight increase: in December, Seco counted 182,253 job seekers. That was 5274 more people than in the previous month.
Meanwhile, the number of vacancies registered with the RAV increased by 6726 to 42,106. According to Seco, 22,381 of these jobs were subject to the registration requirement, which applies to occupations with an unemployment rate of at least 5 percent.
There is still no dramatic increase in short-time work. On the contrary, in November - the data is reported with a delay - only 4067 people were on short-time work, 433 fewer than in the previous month.
©Keystone/SDA
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