Switzerland’s non-farm payrolls fall from all-time high

Non-farm payrolls in Switzerland were reported to have increased 1.8% year-on-year to 5.484 million during the first quarter of this year.

The figure came slightly below the record high of 5.488 million reported in the fourth quarter of 2023.

In Q1, employment levels in the industrial sector rose 0.7% YoY to 1.131 million, underpinned by continued growth in mining & quarrying (up 1%), manufacturing (up 1.3%), electricity, gas, steam & air-conditioning supply (up 2.6%) and water supply & waste management (up 0.5%).

In addition, employment in the Swiss services sector rose 2.3% YoY to 4.352 million, mostly supported by growth in water & air transport (up 11.3%), transport & stockage (up 1.4%), hotels & gastronomy (up 1.9%) and finance & assurance (up 1.6%).

The USD/CHF currency pair settled with slight change at 0.9144 on Friday. For the week, the major currency pair went up 0.70%, as it extended the gains from the prior two weekly periods.