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November jobless rises to 3.1 per cent

The unemployment rate rose for the second time in a row in November to 3.1 per cent from 2.9 per cent the previous month, says the State Secretariat for Economic Affairs (Seco).

This content was published on December 7, 2011 - 08:46
swissinfo.ch and agencies

Figures released on Wednesday show that there were 121,109 jobless at the end of November, up 5,931 on October.

When adjusted for seasonal factors, the unemployment rate stood at three per cent, the same as the previous month. 

However, there was an improvement on last year, when the rate was 3.6 per cent.

2011 had mostly been marked by a fall in unemployment. October was the first time that the number of people out of work had risen.

"The number of seasonally adjusted jobless and the number of job seekers make it clear that the Swiss jobs market has taken a turn for the worse, and we have to prepare for some unpleasant  surprises in the future,"  analyst Jan Poser from Sarasin told Reuters.

"Our baseline scenario is that Switzerland is falling into a  mild recession. Other leading indicators like PMI and the KOF  barometer are pointing to a sharp slowdown underlining our case for a mild recession."  

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