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Switzerland hits lowest unemployment rate in over ten years
According to the State Secretariat for Economic Affairs (SECO), unemployment in 2018 averaged 2.6 percent, a record ten-year low.
Regional job centers recorded just over 118,000 unemployment registrations, representing a 17.5 percent decrease compared to the year before. In SECO’s view, these figures are indicative of a robust economy growing alongside a healthy labor market.
Employment rolls back in after years of stagnation
After years of stagnation, the unemployment rate started falling in May 2017 to around 3 percent, with most of the decrease taking place during the first half of the year.
However, unemployment rose slightly again that year during the months of November and December. By the end of 2018, SECO reported a total of 119,661 jobless claims, representing an 8.3 percent increase compared to previous months, yet more than an 18 percent decrease compared to 2017.
As expected, youth unemployment (those aged 15 to 24) rose last August when many students graduated.
Top and bottom of the class
The highest rate of unemployment is in the canton of Neuchâtel (5.6 percent). The lowest rate (0.9 percent) is in the cantons of Appenzell, Inner Rhoden, and Obwalden.
According to government predictions, economic growth is expected to slow down to 1.5 percent in 2019 and pick back up again to 1.7 percent in 2020.
- Swiss Info (SWI): “Swiss unemployment hit ten-year low in 2018“, “Number of unemployed in Switzerland dr
Photo credit :
- Pixabay : « Unemployed Silhouettes»