💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

Swiss adjusted unemployment hits 4 pct in Aug

Published 09/08/2009, 01:51 AM
Updated 09/08/2009, 01:54 AM
TTEF
-

* S/adj adjusted rate at 4 pct, highest since May, 1998

* Unadjusted rate at 3.8 pct, highest since Jan, 2006

ZURICH, Sept 8 (Reuters) - The deep recession pushed Switzerland's unemployment rate to its highest level in more than a decade in August, sending a staunch reminder that the economy may face a bumpy road to recovery.

Unemployment rose to 4.0 percent when adjusted for seasonal swings from 3.9 percent in June, the State Secretariat for Economic Affairs (SECO) said on Tuesday.

This was the highest since May 1998 and in line with economists' expectations in a Reuters survey.

The unadjusted rate also ticked up to 3.8 percent in August, with the total number of jobless rising to 150,831. At the same time, the number of vacancies fell to 13,353.

Signs have been mounting over recent weeks that the Alpine economy may be about to move out of its worst recession in decades.

But Swiss National Bank board member Thomas Jordan warned two weeks ago that the recovery could take time and the unemployment rate may rise to a nearly 6 percent next year -- a post-war record.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.