Seasonally adjusted joblessness increased by 2,942 or 2.1 percent in September. This was a large enough rise to lift the unemployment rate by a tick to 2.6 percent, its highest mark since September 2021 albeit in line with the market consensus. Unadjusted, the rate edged up 0.1 percentage point and at 2.5 percent, stood 0.5 percentage points above its level a year ago. This was up from the 0.4 percentage point gap seen in August.

However, vacancies rose again, advancing 1.6 percent versus August to trim their yearly decline from 22.4 percent to 18.7 percent.

Today's mixed report suggests that domestic demand remains quite sluggish but also hints of stronger news ahead. The September data leave both the Swiss RPI (4) and RPI-P (21) in positive surprise territory meaning that overall economic activity is still running a little ahead of market expectations. That said, with September inflation surprising on the downside, another SNB policy rate cut in December is very possible.

The seasonally adjusted rate is expected to edge another tick higher to 2.6 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.