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

Swiss employment posts first y/y drop in 6 years

Published 08/25/2009, 03:22 AM
Updated 08/25/2009, 03:24 AM

ZURICH, Aug 25 (Reuters) - Employment levels in Switzerland fell for the first time in nearly six years in the second quarter as the recession forced more manufacturers to axe jobs, data showed on Tuesday.

The number of non-farm payrolls fell by 0.4 percent on the year to 3.945 million, the Swiss Federal Statistics Office said.

Employment in the manufacturing sector was down 2.0 percent while the services sector still created jobs, with employment numbers rising 0.2 percent.

The overall drop was the first since the third quarter of 2003, a spokesman for the statistics office said.

Switzerland slipped into recession at the middle of last year but has weathered the crisis better than other industrialised countries. Still, the Swiss central bank sees the economy shrinking by up to 3 percent in 2009. The forward-looking indicators of the employment survey showed further job losses may be in the pipeline: the index for vacancies dropped 36 percent to 139, while the outlook index shed 6.6 percent to 1.00. (Reporting by Sven Egenter)

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.