The labour market again made useful ground last quarter. At 5.411 million, seasonally adjusted employment was up a further 32,000 or 0.6 percent versus the previous period when it expanded an unrevised 35,000. The latest increase means that employment has still grown every quarter since it last contracted back in April-June 2020, just after the arrival of Covid. Unadjusted, the annual gain was 116,000 or 2.2 percent after a 119,000 rise in the fourth quarter.

The latest quarterly increase reflected fresh growth in both the goods producing and service sectors. The former added 8,000 jobs and the latter 24,000. Moreover, following a 0.2 percent dip at the end of 2022, vacancies rose a solid 1.8 percent and now stand 5.9 percent higher on the year.

Today's update shows that the Swiss labour market remains extremely tight. This is likely to be an important factor behind a probable 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.