Jobless numbers break the 150,000 mark

Unemployment in Switzerland rose in August to three point eight per cent, with the number of jobless climbing to 150,831 – the highest number since February 2006.

The situation is becoming more acute for young people, with 29,298 of those in the 15-24 age group affected, an increase of 14 per cent over July. The number increased by 12,533 compared with the same month last year (74.8 per cent).

At the end of August, a total of 5,467 more people were without a job than at the end of the previous month when the unemployment rate was three point seven per cent.

The State Secretariat for Economic Affairs (Seco) in Bern reported that the number of jobless had increased by 56,792 or 60.4 per cent compared with July last year.

A statement said the total number of people looking for a job was 208,568 or 4,431 more than in July.

“The figures were more or less as expected. The business cycle is quite good but the labour market is lagging this good cycle,” David Marmet at the Zurich Cantonal Bank told Reuters.

“Until summer 2010 we will see an increase in the rate up to maybe five per cent. From summer 2010, the jobless rate will decrease and it is possible that five per cent is the top,” he added.

swissinfo.ch and agencies