Swiss Unemployment Highest in Over 4 Years

Unemployment in Switzerland rose to 4.0 percent in October from 3.9 percent in September, hitting the highest level since February 2005 although economists said deterioration in the job market seems to be slowing.

On a seasonally-adjusted basis, unemployment was stable at 4.1 percent, remaining at the highest level this decade, the State Secretariat for Economic Affairs (SECO) said.

There were, however, some signs of continuing underlying weakness in the job market, with the number of jobseekers up 44 percent year on year and the extension of a programme of shorter working hours aimed at limiting job cuts.

The SECO said that in August, the last month for which data are available, almost 47,000 people had seen their working hours reduced, up almost 6,000 on the previous month.

The number of jobless rose to 158,138 October, while the number of vacancies fell to 13,147 from 13,940 in September.

Swiss Unemployment Highest in Over 4 Years, Reuters
11/6/2009 10:40:06 AM