Swiss July Unemployment Rate at Five-Year Low


Swiss unemployment declined in July, keeping the jobless rate at the lowest in almost five years, as economic growth prompted companies to step up hiring.

The number of jobless, adjusted for seasonal swings, fell by 264 from the previous month to 107,990, the State Secretariat for Economic Affairs in Bern said today. The jobless rate held at 2.7 percent, the same as in June.

``We're getting closer to the lowest unemployment of this cycle,'' said Ben Shafran, an economist at IDEAglobal in London. ``The question is how much lower it can go.''

The number of job openings in Switzerland increased by 160 to 13,503, today's report showed, as companies struggle to fill vacancies. Unadjusted for seasonal swings, unemployment fell by two to 99,779, leaving the rate unchanged at 2.5 percent.

 


Bloomberg
8/8/2007 6:36:01 AM