Unemployment Rate Remains Unchanged

The seasonally-adjusted unemployment rate in Switzerland held firm at 2.9% in August, mirroring July's figure, according to data released on Thursday by the State Secretariat for Economic Affairs (SECO).

Mixed Signals in Unadjusted Data

On an unadjusted basis, the rate edged up to 2.8% in August, a slight increase of 0.1 percentage points from the previous month. Year over year, unemployment surged by 18.6%, equating to an additional 20,751 individuals out of work. The total number of unemployed reached 132,105, marking a monthly rise of 2.3% or 2,951 people.

Youth Unemployment Spikes Significantly

Youth unemployment saw a dramatic climb, with the total number hitting 13,682—a monthly jump of 19% (2,186 individuals) and an annual increase of 14.9% (1,777 individuals). The youth unemployment rate rose to 3.2% in August, up 0.5 percentage points from July.