Swiss jobless rate drops to 2.4 pct: data

0 Comment(s)Print E-mail Xinhua, June 8, 2018
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The unemployment rate in Switzerland has reached a new low of just 2.4 percent and the number of job seekers is the lowest since the 2008 financial crisis, government figures showed on Thursday.

The statistics, published by the State Secretariat for Economic Affairs (SECO) show that the numbers of unemployed turning up at job centers fell by nine percent last month, bringing the overall unemployment rate down from 2.7 percent to 2.4 percent.

This is the lowest figure since September 2008, when the financial crisis hit much of the global economy.

The lowest unemployment rate in Switzerland in the past two decades was in 2001 when it reached 1.5 percent.

Economist Samy Chaar, was quoted by the Swiss news agency, SDA-ATS, as saying the new figures appear to bring Switzerland closer to a period of maximum employment, a situation usually associated with rates of around two percent.

Currently, he explained, workers remain unemployed due to an incompatibility with the job market, which can lead to a shortage of skilled workers, something which can have a positive effect on salaries and thus spur inflation.

It can also lead to increased pressure to seek skilled labor from abroad, something Chaar said has been the "reality in Switzerland for the past 30 years".

Swiss businesses are, however, constrained by a 2014 national vote that set limits on immigration from surrounding European countries, and subsequent regulations giving priority to local unemployed. 

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