| Consensus | Consensus Range | Actual | Previous | |
|---|---|---|---|---|
| Adjusted | 2.9% | 2.9% to 2.9% | 2.9% | 2.9% |
| Not Adjusted | 2.7% | 2.7% |
Highlights
The unemployment rate held steady in July at a seasonally adjusted 2.9 percent, matching the median forecast in the Econoday survey, with the number of unemployed 1.2 percent higher than in June at 137,049.
There were 3,362 more job-seekers in July than in June, an increase of 1.6 percent to 219,392, who are chasing 37,656 job openings (+4.9 percent). To be sure, the job openings are those listed at the regional unemployment offices and don't necessarily include those on private job boards.
The unemployment rate in the services sector remained at 2.8 percent in July compared to June, but is higher compared to the 2.4 percent in July of last year. The rate for industry was 3.1 percent in July, also unchanged from the previous month, but higher than the 2.6 percent a year ago.
While Switzerland's unemployment rate is the envy of many a country, the lack of a trade deal with the US could impact three of its flagship industries; chemicals, pharmaceuticals and watch exports. In the watchmaking sector, the unemployment rate is 6.1 percent, up from 5.9 percent in June and significantly higher than the 4.8 percent a year ago. In June, Swiss watch exports fell 5.6 percent led by a 17.6 percent drop to the US.
For now, it appears that pharmaceuticals could be exempt from US tariffs, but there is no clarity at the moment. With the Swiss President returning from Washington without a trade deal announced, 39 percent tariffs, among the highest of any country, take effect today.
There were 3,362 more job-seekers in July than in June, an increase of 1.6 percent to 219,392, who are chasing 37,656 job openings (+4.9 percent). To be sure, the job openings are those listed at the regional unemployment offices and don't necessarily include those on private job boards.
The unemployment rate in the services sector remained at 2.8 percent in July compared to June, but is higher compared to the 2.4 percent in July of last year. The rate for industry was 3.1 percent in July, also unchanged from the previous month, but higher than the 2.6 percent a year ago.
While Switzerland's unemployment rate is the envy of many a country, the lack of a trade deal with the US could impact three of its flagship industries; chemicals, pharmaceuticals and watch exports. In the watchmaking sector, the unemployment rate is 6.1 percent, up from 5.9 percent in June and significantly higher than the 4.8 percent a year ago. In June, Swiss watch exports fell 5.6 percent led by a 17.6 percent drop to the US.
For now, it appears that pharmaceuticals could be exempt from US tariffs, but there is no clarity at the moment. With the Swiss President returning from Washington without a trade deal announced, 39 percent tariffs, among the highest of any country, take effect today.
Market Consensus Before Announcement
No change expected in the jobless rate at 2.9 percent, seasonally adjusted.
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.
