The Swiss unemployment rate was 2.7% in April – a level last seen in July 2012.
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Last month, 119,781 people were registered as without work in Switzerland – 10,632 fewer than the previous month. This brought the overall unemployment rate down from 2.9% in March to 2.7% in April, reported the State Secretariat for Economic AffairsExternal link on Tuesday.
Unemployment has also fallen significantly compared to last year – more than economists had expected. Compared with April 2017, 26,546 more people have jobs this year. The Swiss unemployment rate fell from 3.3% in 2016 to 3.2% in 2017.
Over the past year there has been a 26.5% drop in the number of unemployed aged 15-24 (4,300 fewer), and an 11.9% drop in the number of people over 50 looking for work (4,649 fewer).
Still, about 194,000 people are formally registered as looking for work. Yet there are only about 14,000 jobs listed with regional employment centres.
Starting on July 1, 2018 and in effect until 2020, Swiss residents registered at the unemployment office will get first dibs at jobs once unemployment in a given sector reaches an 8% threshold.
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