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SWITZERLAND DATA: Labour Market Softening Continues But Likely Little SNB C'cern

SWITZERLAND DATA
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The Swiss labour market gradually softened further in November, with the unemployment rate remaining at 2.6% on a seasonally-adjusted basis (analysts had been split between a 2.6% or 2.7% print). Despite remaining at 2.6%, the number of underlying unemployed people ticking up while vacancies decreased. However, the labour market remains reasonably tight overall and should likely not be of major concern for the SNB policy meeting on December 12.

  • The number of unemployed increased to 121.8k, by 0.8% M/M (seasonally-adjusted), reaching its highest level since October 2021.
  • Vacancies decreasing 4.5% M/M led the unemployment / vacancy rate decrease increase to 3.70 - its highest level since February 2021 and significantly higher than the 2.47 a year ago.
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The Swiss labour market gradually softened further in November, with the unemployment rate remaining at 2.6% on a seasonally-adjusted basis (analysts had been split between a 2.6% or 2.7% print). Despite remaining at 2.6%, the number of underlying unemployed people ticking up while vacancies decreased. However, the labour market remains reasonably tight overall and should likely not be of major concern for the SNB policy meeting on December 12.

  • The number of unemployed increased to 121.8k, by 0.8% M/M (seasonally-adjusted), reaching its highest level since October 2021.
  • Vacancies decreasing 4.5% M/M led the unemployment / vacancy rate decrease increase to 3.70 - its highest level since February 2021 and significantly higher than the 2.47 a year ago.