Swiss Non-Farm Payrolls Growth Slows

Switzerland’s non-farm payrolls rose by 0.1% year-on-year to 5.532 million in the third quarter of 2025, easing from an upwardly revised 0.8% increase in the previous period. Employment in the industrial sector declined by 0.7% to 1.132 million, weighed down by a 1.4% drop in manufacturing. This was partly offset by gains in mining and quarrying (4.7%), electricity, gas, steam and air-conditioning supply (3.7%), and water supply and waste management (1.8%), while construction remained flat. Meanwhile, employment in the services sector inched up 0.2% to 4.4 million, supported by growth in health and social services (1.9%), freelance, knowledge and technical services (1.4%), and transport and storage (0.7%).

Switzerland’s non-farm payrolls rose 0.6% year-on-year to 5.532 million in the second quarter of 2025, maintaining the same pace as in the previous period. The increase was primarily driven by the services sector, rising 0.9% to 4.402 million, supported by higher employment in administrative and support activities (+4%), management consultancy (+2.9%), real estate (+2.6%), and trade and repair of motor vehicles (+2.6%). In contrast, payrolls in the industrial sector declined 0.4% to 1.129 million, weighed down by lower manufacturing employment (-2%). This decline was partially offset by gains in mining and quarrying (+3.6%), electricity, gas, steam, and air-conditioning supply (+3.1%), water supply, waste management (+1.6%), and construction (+0.9%).

Switzerland's non-farm payrolls rose by 0.6% year-on-year to 5.512 million in the first quarter of 2025, easing from a 0.9% increase to a record peak of 5.534 million in the previous three-month period. Employment in the industrial sector edged up by 0.2% to 1.128 million, supported by gains in mining and quarrying (2.9%), electricity, gas, steam and air-conditioning supply (5.0%), water supply and waste management (2.2%), and construction (1.5%). Moreover, payrolls in the services sector increased by 0.7% to 4.384 million, driven by higher employment in transport and storage (2.4%), water and air transport (6.1%), and finance and insurance (1.3%).