Unemployment Rate in Switzerland Rises to 3.1% in November

The unemployment rate increased from 2.9% in October 2012 to 3.1% during the month under review. Unemployment rose 10 958 people (9.0%) compared to the corresponding month of the previous year.

At the end of November 2012, according to the report of the State Secretariat for Economic Affairs, 132 000 people were registered as unemployed in the regional employment offices (RFOs) or 6 531 more than the previous month. Youth unemployment (15-24 years) increased by 252 persons (1.3%), rising to 19 699. Compared to the same month of the previous year, youth unemployment increased by 1 614 persons (8.9%). All registered job seekers amounted to 188 311 people, 9 779 more than the previous month and 10 630 (6.0%) more than same month of the previous year.
The number of vacancies advertised at RFOs increased to 15 876 in November of 2012. However, this is consequence of an increase in temporary employment, which now employs 26% more people than in the same month last year.
According to preliminary data provided by the unemployment funds, 2 401 people have exhausted their entitlement to unemployment insurance in the end of October of 2012.

SECO | Nuno Fontes | nuno@tradingeconomics.com
12/11/2012 4:18:34 PM