Swiss Unemployment Remains at 11-year High

Unemployment in Switzerland remained at an 11-year high in November as the impact of recession lingered in the jobs market despite a recent return to economic growth., Reuters 12/9/2009 10:59:30 AM

Swiss unemployment was stable from October at 4.1 percent when adjusted for seasonal factors, the State Secretariat for Economic Affairs (SECO) said on Wednesday, holding at the highest level since April 1998.

The unemployment rate rose to a non-seasonally adjusted 4.2 percent in November from 4.0 percent the previous month, hitting the highest level since February 2004.

The Swiss economy pulled out of recession in the third quarter, growing by 0.3 percent thanks to solid consumer spending.

The Swiss National Bank is expected to stick to its ultra-loose monetary policy at its upcoming quarterly meeting on Thursday as doubts about the sustainability of the surprisingly quick recovery linger and deflation risks are not fully exorcised.

The unadjusted unemployment rate was in line with economists' expectations, while the adjusted rate of 4.1 percent was just below a forecast 4.2 percent.

Swiss Unemployment Remains at 11-year High