An ‘Employment Barometer’, produced by Switzerland's Federal Statistical Office (FSO), which traces employment growth in the country, shows that the Swiss economy counted 11, 900 fewer jobs in the third quarter of 2020 than during the same period last year.
As the study covered the period from July to September, before the second wave of the pandemic hit Switzerland, the numbers for the remainder of the year are likely to be even grimmer, FSO concluded.
The most affected industries are manufacturing, hotel and restaurant sectors.
Job offers plunged by 15.1 percent in both secondary (-12.5 percent) and tertiary (-15.8 percent) sectors.
Nearly all the cantons suffered a downturn, with Ticino recording the highest unemployment rate — 1.5 percent — during this period.
Employment in northwestern and eastern parts of the country declined by 0.5 percent.
In Zurich, however, the number of jobs grew by 0.8 percent, At the secondary level, the Lake Geneva region has seen an increase of 0.9 percent, while the workforce in central Switzerland remained stable.
The outlook for the Swiss economy as a whole has also deteriorated
After signs of recovery observed during the summer, the economic barometer released on Monday by the Center for Economic studies (KOF) is down 2.8 points from that of October.
The #KOF #EconomicBarometer declines in November for the second time in a row. The decline is primarily due to a bundle of indicators from the #manufacturing sector and private #consumption. https://t.co/Sth6oP70lW
— KOF Swiss Economic Institute (@KOFETH_en) November 30, 2020
The decline is attributed primarily to indicators related to manufacturing activity and household consumption.
“In the manufacturing and construction, indicators for the further development of new orders and profits are showing a negative development”, KOF noted.
“On the other hand, sub-indicators assessing the export prospects of companies show a slightly positive tendency”.