Switzerland’s unemployment rate stable at 2.3%

Switzerland’s jobless rate has remained steady at 2.3% in May, data by the State Secretariat for Economic Affairs showed, in line with market expectations.

It has been the lowest rate since December 2023.

The number of unemployed individuals dropped by 1,492 to 105,465 in May compared to a month ago.

Switzerland’s youth unemployment rate, which tracks job-seekers aged between 15 and 24, also remained stable at 2% in May.

The number of young unemployed persons dropped by 162 to 8,924, the data showed.

The Swiss unemployment rate, adjusted for seasonal factors, was reported at 2.4% in May.

The EUR/CHF currency pair settled 0.03% lower at 0.9680 on Friday.

For the week, the minor currency pair retreated 1.04%, as it extended the loss from the prior trading week.

The Forex pair settled in proximity to a fresh seven-week low of 0.9669.