Swiss April Unemployment Remains at Two-Year HighCatherine Bosley
Swiss unemployment held at the highest level in two years in April, indicating that the economy remains vulnerable to the strong franc.
The jobless rate, adjusted for seasonal swings, was unchanged at 3.1 percent, the State Secretariat for Economic Affairs in Bern said in an e-mailed statement today. That’s in line with the median estimate of 11 economists in a Bloomberg News survey. The unadjusted jobless rate fell to 3.1 percent from 3.2 percent.
Switzerland has managed to escape the slump that has befallen the 17-nation euro area, thanks in part to a cap of 1.20 per euro on the franc set by the Swiss National Bank in September 2011. The central bank cited the need to shield the economy from deflation and a recession for the move.
The number of job openings in the country increased by 113 to 16,135 in April, today’s report showed. A total of 190,367 people were looking for a job, 3,857 fewer than in the previous month.