| Actual | Previous | Consensus | |
|---|---|---|---|
| Not Adjusted | 2.0% | 2.0% | |
| Adjusted | 2.1% | 2.1% | 2.1% |
Highlights
The labour market weakened further in October with seasonally adjusted joblessness rising 863 or 0.9 percent on the month to 97,772. Even so, the increase was again not large enough to lift the unemployment rate which held steady at September'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 2,737 or 3.0 percent to 93,563, also leaving the rate steady at 2.0 percent. This was a tick above its level a year ago, only the second positive gap since March 2021.
However, seasonally adjusted vacancies rose for the first time in a while, by 2,314 or 5.1 percent on the month to 47,504. That said, this still equated with an unadjusted yearly fall of some 27.0 percent following a 33.4 percent drop in July.
Today's update remains 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 left on hold for some time. The October data put the Swiss RPI at minus 14 and the RPI-P at minus 5. Overall economic activity continues to lag market expectations but mainly due to the surprising weakness of prices.
However, seasonally adjusted vacancies rose for the first time in a while, by 2,314 or 5.1 percent on the month to 47,504. That said, this still equated with an unadjusted yearly fall of some 27.0 percent following a 33.4 percent drop in July.
Today's update remains 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 left on hold for some time. The October data put the Swiss RPI at minus 14 and the RPI-P at minus 5. Overall economic activity continues to lag market expectations but mainly due to the surprising weakness of prices.
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.
