Swiss job market defies strong franc worries

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Swiss job market defies strong franc worries
Photo: Canton of Vaud

The official Swiss unemployment rate fell for the fourth consecutive month in June as Switzerland’s job market continued to defy concerns about the impact of the strong franc on the economy.


The jobless rate fell to 3.1 percent from 3.2 percent in May but remained above the 2.9 percent level recorded in June 2014, figures released on Tuesday by the State Secretariat for Economic Affairs (Seco) showed.

The decline was driven by a drop in unemployment among foreigners to 5.8 percent from 6.1 percent, while the rate for Swiss citizens remained unchanged at 2.2 percent, Seco said in its monthly report.

The number of people registered as unemployed at regional job offices fell in June by 3,093 from the previous month to 133,256.

The canton of Obwalden recorded the lowest jobless rate (0.8 percent, down from 0.9 percent), while Geneva had the highest rate (5.4 percent, down from 5.5 percent).

The rate in Zurich, Switzerland’s largest job market, remained unchanged at 3.4 percent.

The canton of Graubünden posted the biggest percentage drop in unemployment to 1.5 from two percent.

For full details of the report (in French, German and Italian) check here.


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