Switzerland’s labour market showed signs of weakening last month as the number of people without work rose noticeably, according to the latest figures released on Thursday by the State Secretariat for Economic Affairs (SECO).
The total number of registered unemployed climbed by nearly 3,000 people in August, representing a 2.3% increase compared to the previous month. This brought the national unemployment figure to 132,105 individuals, nudging the jobless rate up to 2.8%.
When adjusted for seasonal fluctuations, however, the unemployment rate remained stable at 2.9%, SECO noted. Economists often rely on seasonally adjusted figures to smooth out short-term volatility and provide a clearer picture of longer-term trends.
The rise in joblessness was most pronounced among Switzerland’s younger workers. Those aged 15 to 24 saw unemployment swell by 2,186 individuals, a striking 19% increase in just one month, bringing the total number of unemployed in this age group to 13,682. As a result, the youth unemployment rate jumped to 3.2%, Swiss Info reports.
Older workers were less affected. Among people aged 50 to 64, the number of unemployed rose only slightly, with 208 additional jobseekers (+0.6%), pushing the total to 35,848. This translated into a modest rise in their unemployment rate to 2.5%.
Despite the uptick in unemployment, the number of job seekers registered with placement offices, a broader measure that also includes those temporarily employed or in training programs, actually fell slightly in August, declining by 351 to 209,090. On a seasonally adjusted basis, however, the trend pointed upward, with an additional 325 individuals counted.
Meanwhile, SECO reported that in June, the most recent month for which detailed benefit statistics are available, 2,519 individuals reached the end of their entitlement to unemployment insurance. That figure was 532 fewer than in May, suggesting a slight easing in the pace of people exhausting their benefits.
The figures highlight the delicate balance of Switzerland’s labour market. While the overall unemployment rate remains low by international standards, the marked rise in youth joblessness underscores the challenges faced by younger workers in securing stable employment.