Free Trial

Unemployment Steady In October, Set For Slow Rise Ahead


Swiss October unemployment came in as expected at 2.1% (seasonally adjusted, 2.1% consensus, 2.1% prior).

  • The unemployment rate has slowly drifted higher from the two-decade low 1.9% posted from Dec 2022 through Apr 2023, but remains well below the 2019 (pre-pandemic) 2.3% average.
  • The number of unemployed rose by just under 4k vs Oct 2022, to 93.5k; the number of vacancies fell 17k over the same period to 45.9k.
  • The Swiss labour market is set to continue softening in the coming months. Yesterday, the Q4 KOF Employment Indicator indicated that businesses are planning less net hiring than before.
  • But job growth is still positive, and labour market loosening is set to be only very gradual, with the 2024 end-year Bloomberg consensus median for the unemployment rate at 2.3%.

To read the full story



MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.