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Employment Indicator Trending Down, Still Positive


The KOF Employment Indicator for Q4 2023 came in at 7.7 points (9.2 points previous). The indicator still lies above its neutral value of 0, meaning that the number of surveyed firms planning to increase their headcount is greater than the amount of firms with a planned headcount reduction.

  • Even though job growth is slowing versus its strongest levels of the cycle in early 2022 according to the indicator, the Swiss labour market is still solid compared to its historical average.
  • The KOF does not publish data on individual subindices. It states that the indicator has fallen in the wholesale, manufacturing and service provider sectors in particular.
  • Swiss labour market data for October will be published Tuesday at 0645 UTC (seasonally adjusted unemployment 2.1% consensus, 2.1% prior).

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