| Actual | Previous | Consensus | |
|---|---|---|---|
| Not Adjusted | 2.1% | 2.0% | |
| Adjusted | 2.1% | 2.1% | 2.1% |
Highlights
The labour market weakened further in November with seasonally adjusted joblessness rising 837 or 0.9 percent on the month to 98,626. Even so, the increase was again not large enough to lift the unemployment rate which held steady at 2.1 percent, in line with the market consensus. Unadjusted, the number of people out of work increased fully 4,448 or 4.8 percent to 98,011, lifting the rate from 2.0 percent to also 2.1 percent, a tick above its level a year ago.
Vacancies were significantly weaker. A steep 2,758 or 5.8 percent drop to 44,696 made for a 29.2 percent yearly decline, up from 27.0 percent in October. This provides additional evidence of falling demand for new hires.
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 very strong local currency, the SNB is under no pressure to tighten policy again next week. The November data put the Swiss RPI at 14 and the RPI-P at 35, both measures showing overall economic activity beating market expectations and the real economy outperforming by some margin.
Vacancies were significantly weaker. A steep 2,758 or 5.8 percent drop to 44,696 made for a 29.2 percent yearly decline, up from 27.0 percent in October. This provides additional evidence of falling demand for new hires.
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 very strong local currency, the SNB is under no pressure to tighten policy again next week. The November data put the Swiss RPI at 14 and the RPI-P at 35, both measures showing overall economic activity beating market expectations and the real economy outperforming by some margin.
Market Consensus Before Announcement
The seasonally adjusted rate is again expected to be unchanged at the 2.1 percent mark to which it first rose back in July.
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.
