Unemployment Rate Remains Unchanged

The State Secretariat for Economic Affairs (SECO) reported on Thursday that Switzerland's seasonally adjusted unemployment rate remained steady at 2.9% in July, mirroring the previous month's figures.

Rise in Unemployed Numbers

Despite the stable rate, the seasonally adjusted number of unemployed individuals saw a 1.2% increase month-on-month, reaching 137,049. Notably, youth unemployment surged by 7.4% monthly and 16.1% annually, totaling 11,496 in July.

Job Market Dynamics

The total count of job seekers, adjusted for seasonal variations, rose to 219,392 in July, marking a 1.2% increase from June. Concurrently, the job seeker rate escalated by 4.7%, and job vacancies expanded by 4.9% to 37,856, indicating a dynamic yet challenging job market.