Swiss unemployment rate drops below 2%

Compared with May 2022, the number of people out of work fell 10.1% Keystone / Laurent Gillieron

The number of people receiving unemployment benefit in Switzerland fell again in May, with the jobless rate settling below the 2% mark.

At the end of May, 88,076 people were registered with regional employment offices, corresponding to an unemployment rate of 1.9%, compared with 2.0% in April, the State Secretariat for Economic Affairs (SECO) said in a statementExternal link on Wednesday. Compared with May 2022, the number of unemployed fell by 9,928, or 10.1%.

Unemployment among young people aged 15-25 fell by 2.2% over one month, or by 6.6% over one year, SECO added. Among the over-50s, the fall was even more marked, at 3.3% over one month or 15.6% over one year.

Reductions in working hours have virtually disappeared, and in May 2023 only 75 companies were affected, compared with 3,490 a year earlier.