In line with expectations, the labour market continued to cool in July. Seasonally adjusted joblessness rose 2,436 or 2.2 percent on the month to 112,48, lifting the unemployment rate by a tick to 2.5 percent. This matched both the market consensus and its highest level since October 2021. Unadjusted, the number of people out of work climbed 3,198 or 3.1 percent to 107,716, but this again left the rate steady at 2.3 percent and 0.4 percentage points above its mark a year ago.

Meantime, seasonally adjusted vacancies fell a further 2,402 or 6.5 percent on the month to 34,828, equating with a yearly drop of 25.5 percent versus 23.5 percent last time.

The July update leaves intact the trend deterioration in the labour market that began at the start of last year. Accordingly, the data should increase the chances of another SNB interest rate cut next month -- especially with the Swiss franc having strengthened significantly in the wake of the recent turmoil in global financial markets. Today's report puts the Swiss RPI at minus 23 and the RPI-P at minus 19, both measures still showing overall economic activity running quite well behind market forecasts.

The adjusted rate is expected to edge up 0.1 percentage point to 2.5 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.