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- Switzerland's unemployment rate unexpectedly declines in August
Switzerland's unemployment rate unexpectedly declines in August
The
State Secretariat for Economic Affairs (SECO) revealed Tuesday that
Switzerland's seasonally unadjusted unemployment rate fell to 2.7 percent in August
from 2.8 percent in July. This was the lowest rate since February 2020.
Economists had forecast the reading to stay at 2.8 percent.
According
to the report, the number of unemployed decreased by 1,924 persons m-o-m (or -1.5
percent m-o-m) to 126,355 at the end of August. Compared to August 2020, the number
of unemployed people fell by 24,756 (or -16.4 percent y-o-y).
On an adjusted basis, the unemployment rate declined
to 2.9 percent in August from 3.0 percent in the previous month.
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