| Consensus | Actual | Previous | |
|---|---|---|---|
| Adjusted | 2.3% | 2.3% | 2.3% |
| Not Adjusted | 2.3% | 2.4% |
Highlights
The labour market weakened again at the start of the quarter. Seasonally adjusted joblessness was up 1,216 or 1.2 percent on the month at 106,420. However, the increase was not steep enough to impact the unemployment rate which held steady at 2.3 percent, matching its highest reading since January 2022 and in line with the market consensus. Unadjusted, the number of people out of work fell some 1,636 or 1.5 percent to 106,957, lowering the rate by a tick to also 2.3 percent. This was 0.3 percentage points above its level a year ago, narrowing March's gap by 0.1 percentage point.
Meantime, seasonally adjusted vacancies continued to decline with a 677 or 1.7 percent slide on the month to 39,780. This equated with an unadjusted yearly fall of 20.5 percent following a larger 25.3 percent drop in March.
The April update remains consistent with a gently loosening trend in the Swiss labour market and will leave speculators contemplating another cut in the SNB policy rate in June. Today's data also put the Swiss RPI at minus 10 and the RPI-P at minus 28, both values showing overall economic activity still undershooting expectations, but mainly due to the surprising weakness of the real economy.
Meantime, seasonally adjusted vacancies continued to decline with a 677 or 1.7 percent slide on the month to 39,780. This equated with an unadjusted yearly fall of 20.5 percent following a larger 25.3 percent drop in March.
The April update remains consistent with a gently loosening trend in the Swiss labour market and will leave speculators contemplating another cut in the SNB policy rate in June. Today's data also put the Swiss RPI at minus 10 and the RPI-P at minus 28, both values showing overall economic activity still undershooting expectations, but mainly due to the surprising weakness of the real economy.
Market Consensus Before Announcement
The adjusted rate is expected to stabilise at 2.3 percent having surprised on the upside in March.
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.
