The labour market weakened further at the start of 2024. Seasonally adjusted joblessness was up 1,686 or 1.7 percent on the month at 101,754. However, the increase was not steep enough to boost the unemployment rate which held steady at 2.2 percent, in line with the market consensus and so still matching its highest post since April 2022. Unadjusted, the number of people out of work increased some 6,316 or 5.9 percent to 113,175, lifting the rate from 2.3 percent to 2.5 percent, now 0.3 percentage points above its level a year ago versus a 0.2 percentage point gap in December.

By contrast, vacancies continued to gain some ground, advancing 255 or 0.6 percent to 45,287. This reduced the yearly decline from 27.0 percent to 18.7 percent.

Overall, today's update remains consistent with a loosening trend in the Swiss labour market, a development that will not unsettle an SNB that remains to be convinced inflation is fully under control. The January data leave the Swiss RPI at 3 and the RPI-P at minus 5. In general, economic activity is running much as the forecasters expected.

The adjusted rate is seen flat at 2.2 percent.

The unemployment rate measures the number of unemployed as a percentage of the labour force. Both seasonally adjusted and unadjusted monthly data are provided.

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.