The Swiss labor market remains in good shape, although the number of unemployed people rose slightly in October. The unemployment rate is exactly at the 2 percent mark.
At the end of October, 93,563 people were registered as unemployed at the regional employment centers (RAV), as the State Secretariat for Economic Affairs (Seco) announced. That was 2,737 more than in September.
The unemployment rate remained at 2 percent. Economists surveyed by the AWP news agency had expected 2 to 2.1 percent. The unemployment rate, adjusted by Seco for seasonal factors, remained at 2.1 percent.
Legend: Youth unemployment also remains practically unchanged at 2.1 percent, as figures from the State Secretariat for Economic Affairs Seco show. Keystone/Ennio Leanza
The job search data also shows that the job market in Switzerland has continued to dry up: in October, Seco counted 160,373 job seekers. That was 6,838 more people than in the previous month, but only 279 more than a year ago.
The number of vacancies reported to the RAV fell by 1,292 to 45,899. According to Seco, 27,496 of these positions were subject to the reporting requirement, which applies to occupations with an unemployment rate of at least 5 percent.
The instrument of short-time work still plays only a very small role in the Swiss labor market. In August – the data is reported with a delay – 1,023 people were on short-time work, 673 fewer than in the previous month. The number of affected companies fell by 36 to 48 units.