The labour market continued to make useful ground last quarter. At 5.379 million, seasonally adjusted employment was up a further 35,000 or 0.7 percent versus the previous period which itself was revised up to show a 15,000 (0.3 percent) increase. This was the best performance in 2022 and made for an unadjusted yearly increase of 119,000, up from 115,000 last time.

The latest quarterly gain reflected fresh growth in both the goods producing and service sectors. The former added 8,000 jobs and the latter 29,000. However, vacancies dipped 0.1 percent and yearly growth here declined from 26.6 percent to 18.1 percent. The more recent monthly data have indicated further weakness at the start of 2023.

Even so, overall today's update shows a still tight labour market that should help to ensure another increase in the SNB's policy rate next month.

The quarterly employment barometer is a survey of 18,000 businesses and service sectors encompassing approximately 65,000 establishments. It collects data on job vacancies, recruitment difficulties and the development of employment forecasts. The main focus is on the quarterly and annual changes in overall employment.

The employment data give a comprehensive report on how many people have jobs. These numbers are the best way to gauge the current state as well as the future direction of the economy. Employment data are categorized by sectors. This sector data can go a long way in helping investors determine in which economic sectors they intend to invest. By tracking the jobs data, investors can sense the degree of tightness in the job market. If employment is tight it is a good bet that interest rates will rise and bond and stock prices will fall. In contrast, when job growth is slow or negative, then interest rates are likely to decline - boosting up bond and stock prices in the process.