Wed, Feb 7th 2024
Unemployment Switzerland sees a significant uptick in January, with the rate reaching 2.5%. This rise reflects broader economic trends and seasonal impacts on the job market.
Unemployment in Switzerland experienced a marked rise in January. The current rate is 2.5%, up from 2.3% in December. The Regional Employment Centers (RAV) registered 113,175 unemployed individuals at the end of January. This figure surpasses December’s by 6,316, as stated by the State Secretariat for Economic Affairs (Seco).
This increase aligns with the higher end of economic forecasts. Experts anticipated unemployment rates between 2.2% and 2.5%. When seasonally adjusted, the uptick appears marginal, keeping the adjusted rate steady at 2.2%.
Seasonal trends often influence unemployment rates, especially in the construction, agriculture, and catering sectors. These fluctuations are less pronounced in the adjusted figures.
Despite the recent rise, unemployment in Switzerland remains low historically. Yet, there’s a minor uptick in job-seeking activities. Seco noted 182,253 job seekers in December, an increase of 5,274 from the previous month.
Job vacancies saw an upward trend, too, with 42,106 positions listed at the RAV, 6,726 more than in December. Of these, 22,381 were in roles where the unemployment rate hit 5% or higher.
Short-time work figures present a less concerning picture. In November, 4,067 individuals were on short-time work, showing a decrease of 433 from October.
Unemployment Switzerland’s January spike underscores the job market’s dynamic nature, influenced by economic conditions and seasonal patterns.
©Keystone/SDA
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