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Unemployment in Switzerland increased significantly in December. The unemployment rate rose compared to November to 3.5 from 3.3 percent, the Secretary of State for the Economy (Seco) announced on Friday. Thus, it reached its highest level since January 2017.
The unemployment rate is often subject to seasonal fluctuations because in the winter months there is less work in construction, agriculture and catering. The unemployment rate adjusted for seasonal factors by the Seco remained at 3.4 percent in December.
A total of 163,545 people in Switzerland were registered as unemployed with the regional job placement centers (RAVs) in December. That was 10,275 more than in the previous month.
Compared to the same month last year, the number was vastly higher, namely at 46,268 people. The unemployment rate at that time, that is, in the pre-Crown period, was still 2.5 percent.
3.1 percent in annual average
The consequences of the crown crisis on the Swiss labor market can best be seen in average unemployment. The unemployment rate averaged 3.1 percent in 2020 after 2.3 percent the previous year. Such a high value was last recorded in 2017.
Many of those affected by the crown crisis have ended up working short-time. However, officially, the October values are only available. At that time, according to the information, 219,388 people were affected by part-time work after a good 204,000 in September.
At the height of the crown crisis in April it was a good million. The “massive” use of part-time compensation has largely cushioned the negative effects of the crisis on companies and employees, La Seco said.
Stable youth unemployment
Disaggregated by age, youth unemployment increased the least. The rate among 15-24 year olds increased to 3.4 percent from 3.3 percent in the previous month.
It increased by 0.3 percentage points for people aged 25-49 (0.8%) and for people aged 50-64 (3.4%). It also increased for foreigners (to 6.4% from 5.8%), while it was almost stable for Swiss (to 2.5% from 2.4%).
La Seco, for its part, registered a total of 260,318 job seekers in December, 9,179 more than the previous month. On the other hand, the number of vacancies reported to the RAV decreased from 3,635 to 25,226. Of these, a good half were subject to the reporting requirement.
