Swiss Unemployment rose to 4.0% in October from 3.9% the month prior, while the seasonally adjusted jobless rate remained unchanged at 4.1%, marking the highest level since April 1998, the State Secretariat for Economic Affairs in Berne said today. Prior to the release, economists had forecasted that the adjusted rate would rise to 4.2% in October. The data provides evidence that the country’s economic slump has not yet bottomed out, but rather, may deepen further as the breakdown of the report showed jobless claims rose from 154,409 to 158,138. More perturbing is the economy now faces a dual threat as unemployment continues to rise and threaten the 6%unemployment level, which is the highest since World War II along side the fall in consumer prices. At the same time, the Swiss National Bank may hold rates at 0.25% for a sustainable amount of time and intervene against the franc whenever the EURCHF exchange rate trades near 1.50.
Swiss Unemployment Monthly Chart
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