| Actual | Previous | Consensus | |
|---|---|---|---|
| Not Adjusted | 2.0% | 2.0% | |
| Adjusted | 2.1% | 2.1% | 2.1% |
Highlights
The labour market weakened further in September as seasonally adjusted joblessness rose 1,989 or 2.1 percent on the month to 97,114. Even so, the increase left the unemployment rate steady at August's 2.1 percent, in line with the market consensus and so still matching its highest level since July 2022. Unadjusted, the number of people out of work increased 945 or 1.1 percent to 90,826, also leaving the rate steady at 2.0 percent. However, this was a tick above its level a year ago, the first positive gap since March 2021.
Seasonally adjusted vacancies also declined again, this time by 417 or 0.9 percent on the month to 44,936. This equated with an unadjusted yearly fall of 32.4 percent following a 30.6 percent drop in July.
Today's update is consistent with a loosening trend in the Swiss labour market. Taken together with sub-2 percent inflation at both the headline and core levels as well as a strong local currency, the SNB should be happy with the current policy stance which looks likely to be on hold for some time. The September data leave the Swiss RPI in negative surprise territory at minus 4 but at 10, the RPI-P is finally signalling a very limited degree of overall economic outperformance.
Seasonally adjusted vacancies also declined again, this time by 417 or 0.9 percent on the month to 44,936. This equated with an unadjusted yearly fall of 32.4 percent following a 30.6 percent drop in July.
Today's update is consistent with a loosening trend in the Swiss labour market. Taken together with sub-2 percent inflation at both the headline and core levels as well as a strong local currency, the SNB should be happy with the current policy stance which looks likely to be on hold for some time. The September data leave the Swiss RPI in negative surprise territory at minus 4 but at 10, the RPI-P is finally signalling a very limited degree of overall economic outperformance.
Market Consensus Before Announcement
The adjusted rate is seen unchanged at 2.1 percent.
Definition
The unemployment rate measures the number of unemployed as a percentage of the labour force. Both seasonally adjusted and unadjusted monthly data are provided.
Description
Like the employment data, unemployment data help 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.
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.
