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Unemployment hits two decade low

SWITZERLAND DATA
MNI (London)

SWITZERLAND DEC UNEMPLOYMENT SA 1.9% (FCST 2.0%); NOV 2.0%

SWITZERLAND DEC UNEMPLOYMENT +6.1%, -20.4% Y/Y

Swiss unemployment dipped to the lowest level in over 20 years in December. The seasonally-adjusted unemployment rate edged down by 0.1pp to 1.9%, against forecasts of holding steady at 2.0%.

  • 2022 saw continued labour market tightness due to reduced labour supply.
  • Following a strong Covid recovery, less optimistic economic outlooks going forward will likely dampen labour demand.
  • Despite appearing to have avoided a wage-price spiral so far, continued labour market strength implies that wage costs could move up further. This data provides confidence to the SNB's policy tightening, yet the next meeting is not due until March 23.
  • At 1000 GMT the euro area November unemployment data is due, expected to hold steady at the record low of 6.5%.

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