Figure is still 11.8% higher than year earlier
Bern, Switzerland (GenevaLunch) - The jobless rate in Switzerland slipped under the 4 percent bar in May, to 3.8 percent, but it remained more than 11 percent above the rate at this time a year ago, with 151,074 people out of work.
Bern says that efforts to get people back to work faster have paid off: with the threat of growing unemployment as 2008 drew to a close, the federal government took several steps to help the jobless find work faster and to get more of the long-term unemployed back into the labour force. Six days were trimmed from the average time it took an unemployed person to find work in 2009, down to 145 days. The number of long-term unemployed grew from 12 to over 17 percent of the jobless in just one year, thanks to the weak economy in 2009, but this was three percentage points lower than during a similar difficult period in 2003-2004. The number of people who came to the end of their unemployment benefits in 2009 was 15 percent, lower by 5 percent than in 2004.
Bern, Switzerland (GenevaLunch) - Swiss consumers are feeling far more optimistic about the economy than they were in January, the latest quarterly consumer confidence survey shows. The surveys are done every three months by the federal finance department. The April survey shows a 14 point increase in confidence, compared to a 7 point drop in January. Consumers expect to see “a much lower increase in unemployment as well as a stronger positive development of the economy,” the results, published Tuesday 11 May, show.
Tourism up strongly, unemployment down slightly, retail sales slip
Geneva continues to have highest jobless rate
Bern, Switzerland (GenevaLunch) - Swiss economic indicators this week are showing a mixed picture, with several federal statistics published Friday. Overnight stays rose by 5 percent overall and by 6 percent for foreign visitors in March, compared to March 2009, an increase of 153,000 stays for the month.
The good news continues with unemployment, which fell from 4.2 percent in March to 4.0 percent in April, representing 7,462 fewer people on the unemployment office books, but the figure is still 16 percent higher than a year earlier. Geneva and Vaud both saw an improvement, with Neuchatel showing one of the greatest drops, from 7 percent to 6.5, but all three continue to have higher rates than the rest of the country. Geneva’s rate, at 7.2 percent, remains the highest cantonal unemployment rate in Switzerland.
Less positive were figures for retail sales, down 0.9 percent for the month of March compared to February.
The search for work continues - Photo Photopress/Martin Ruetschi
Bern, Switzerland (GenevaLunch) – Unemployment in Switzerland has dropped to 4.2 percent from 4.4 percent in February 2010. Although the jobless rate has improved since the start of 2010 it is considerably higher than it was a year ago.
The figures were released 8 April by the State Secretariat for Economic Affairs (Seco).
The current number of persons registered at local unemployment offices across the country totals 166,032: almost 7,000 people less than in February but 31,000 more than during the same period in 2009.
Swiss unemployment stable in fourth quarter, 2010 outlook brighter
More people working in Swiss healthcare
Neuchatel, Switzerland (GenevaLunch) - The Lake Geneva region showed the strongest growth in employment in the fourth quarter of 2009, up 1.1 percent. Zurich was the only other area to show growth, 0,9 percent. Overall, Swiss unemployment remained stable, with a slight slip of 0.3 percent compared to the same period in 2008.
Fourth quarter figures for Swiss unemployment published Thursday morning 25 February show with significant differences between industry, where the number of jobless continues to rise, and the services sector, where the jobless rate is falling. The outlook for 2010 appears to be brighter, according to Federal Statistical Office forecasts, with an increase in the number of jobs available. For the first time in five quarters, industry looks set to increase the number of jobs open, after seasonal worker adjustments to the figures.
The number of people actively working rose by 0.3 percent in 2009, thanks to women, whose presence in the workforce increased by 0.8 percent, while the number of men working fell by 0.1 percent.
2009 Unemployment figures for Switzerland: Seco
Update 17:55 Neuchatel, Switzerland (GenevaLunch) - Unemployment in Switzerland rose in December to 4.4 percent, up from 4.2 percent the previous month. Neuchatel and Geneva rose to 7.2 percent, the highest rates in the country, while canton Valais had the largest single month increase. 1.1 percent. Vaud’s rate in December was 5.9 percent.
Ed. note: Geneva, reports the Tribune de Geneve, argues that the federal statistics are skewered because they use data from 2000 for the canton’s working population. The canton in fact has an unemployment rate of 6.6 percent, it says.
Foreigners have been reported in the past to be affected more than the Swiss, and 2009 was no exception, with the rate for Swiss workers climbing 1 percent in December compared to 12 months earlier, but 2.5 percent for foreigners. Non-Swiss unemployed workers accounted for 46.4 percent of the total.
For the first time, jobless rates published by Seco are broken down according to nationality, although the figures provided, only in German, are limited to these groups:
Update 30 December Zurich, Switzerland (GenevaLunch) – Swiss consumers are spending more, according to the November consumption index published by bank UBS Tuesday 29 December. The latest index shows consumption at 1.28, well below its long-term average of 1.5, but the highest figure since September 2008. The KOF Swiss Economic Institute Wednesday added its voice to forecasts for coming months, saying that it expects the Swiss economic recovery to flatten out in early 2010.
The bank measures consumer sentiment based on five criteria: new car registrations, business activity in the retail sector, the number of overnight stays in domestic hotels by Swiss residents, the consumer sentiment index, and credit card transactions processed by UBS at points of sale in Switzerland.
Jobless rate likely to continue at same level
Switzerland’s higher than usual jobless rate is likely to continue for several months, despite an upturn in the economy, TSR reports, based on the semi-annual newsletter published by Crea, the University of Lausanne’s Institute of Applied Macroeconomics. Valais will be the first canton to see the figure drop, the study concludes.
UBS notes in its consumption index report for November that an expected rise in unemployment will keep consumer spending from rebounding more strongly. It is expected to return to previous levels only late in 2010.
Bern, Switzerland (GenevaLunch) – Unemployment benefits in canton Vaud for jobless workers over age 30 will be extended from 400 to 520 days in canton Vaud, from 1 December 2009 to 31 May 2010, the federal goverenment announced Wednesday morning 11 November. The relatively high unemployment rate in the canton and the risk of long-term unemployment for older workers, coupled with a rate over 5 percent for six months has prompted Bern to step in. The canton will pay 20 percent of the cost.
The US Labor Department released figures for unemployment 6 November that showed that the economy shed 190,000 jobs in October, bringing the unemployment rate to 10.2 percent of the workforce, its highest level since 1983. Hopes had been higher yesterday 5 November that the jobs market may be recovering , when the Labor Deptartment showed that labour productivity rose 9.5 percent annually in October, indicating that companies were squeezing more output out of their workers ahead of hiring more. The economy grew at an annual rate of 3.5 percent in the third quarter 2009, officially ending the recession.
Todays figures are psychologically significant. Most observers had anticipated that the jobless rate would reach10 percent, but there were hopes that an improving economy would then begin to increase demand for workers. The pace of lay-offs has slowed appreciably since the beginning of the year, when almost three-quarters of a million people were laid off. New York Times, Reuters, Yahoo News
Bern, Switzerland (GenevaLunch) – Swiss unemployment rose 0.1 percent in October to reach 4 percent, the highest level since 2005, says the State Secretariat for Economic Affairs (Seco), 6 November. Compared to last October, the number of unemployed people has increased 57 percent and reached 158,138, Seco says.
The numbers of people working reduced hours jumped in October: 46,936 people are partially employed in 3,118 firms across the country. This is 14.1 and 14 percent more, respectively, than last month, Seco says.
The view from Vaud
Lausanne, Switzerland (GenevaLunch) – The Vaud cantonal government said 27 October that it projects annual budget deficits of between CHF70 million to CHF360 million over the four years from 2011-2014, the result of its periodic review of cantonal finances. In part, it says, the revision is a reflection of the economic crisis that affects everyone.
Switzerland’s GDP is expected to rise only 0.4 percent in 2010. In Vaud, tax receipts are projected to rise an average of 1.5 percent annually for the foreseeable future, less than expected earlier. Unemployment is sure to rise, further straining the canton’s finances. The deficit is expected to rise by CHF1.8 billion until 2014 with an attendant interest service cost of CHF95m.
French Alps, seen from Celigny, Vaud in Switzerland
Geneva, Switzerland (GenevaLunch) – Frontaliers (cross-border workers) are said by some to be at the root of many of Geneva’s social problems, from traffic to crime to unemployment. These concerns among Geneva’s voters were reflected in last weekend’s elections to the cantonal parliament, or Grand Conseil, which gave the right-wing Mouvement des Cityoyens Genevois (MCG) an increase of 8 seats to 17, out of 100.
Le Temps asks in a lengthy article 16 October if there is any truth to the concerns that MCG raises, namely that frontaliers cause the problems of which they are accused.
The US economy shed 263,000 jobs in September, more than anticipated, and the unemployment rate reached 9.8 percent, its highest rate since 1983, the US Labor Department announced today 2 October. The news raises questions as to whether any recovery in the US economy can be sustainable. Employers have been cutting jobs every month since January 2007, and the number of jobs lost in this recession has reached 7.2 million, adding to the 15.1 million now unemployed in the US. Bloomberg, CNN, New York Times
The global economic crisis appears to be having an impact on Irish statistics, starting with the country’s jobless rate, which has climbed by 12 percent in the past 12 months, while the ranks of the longterm unemployed have swollen to 25,000, new government statistics published 22 September show. Emigration has overtaken immigration for the first time since 1995, up from an estimated 45,300 to 65,100 in the first four months of 2009, while the number of immigrants fell by some 25,000. The Irish birth rate has risen to the highest number of births since 1896, with more than 74,000 births from January to April 2009. Overall, the population of Ireland grew by 0.08 percent to April 2009, to an estimated 4.46 million. Irish Times on unemployment, on population growth, RTE and Irish Central Statistics Office
Not enough of this around, says ILO
Geneva, Switzerland (GenevaLunch) – Unemployement levels in G-20 countries would be between 29 and 43 percent higher without the economic stimulus packages put in place by most governments following the economic crisis unleashed by the fall of investment bank Lehman Brothers one year ago, the International Labour Organization (ILO) announced today 21 September. The ILO still foresees the number of unemployed globally at between 219 and 241 million people, an increase of between 39 and 61 million unemployed.
Ben Bernanke, chairman of the US central bank the Federal Reserve, said 15 September that the recession in the US was probably technically over, but that unemployment would continue to undermine any recovery. A recession is officially no or negative economic growth for two consecutive quarters. Latest data about US employment indicates that the unemployment rate is at its highest since 1983, at 9.7 percent. US consumer confidence was up significantly, according to a survey published 15 September by Investor’s Business Daily/Technometrica market Intelligence. BBC, Reuters
Canada created 27,000 jobs in August while the US lost 216,000 jobs during the same month, raising hopes in Canada that the national economy, which is highly dependent on its huge southern neighbour, the US, may have decoupled from it. The Canadian unemployment rate nevertheless rose slightly to 8.7 percent as the number of people looking for jobs still outpaced the jobs available. Since October 2008, which was the peak employment level in the current cycle, 387,000 fulltime jobs have disappeared, a decline of 2.3 percent.
Unemployment in the US climbed to 9.7 percent, its highest rate since 1983, according to the US Department of Labor.
Another form to fill in
Neuchatel, Switzerland (GenevaLunch) - Swiss statistics, the Swiss government’s statistical office, conducts a regular survey on the working population in Switzerland which is an important component of the employment situation in Switzerland. The results will now be published on a quarterly basis. One of the aims is to garner information on the effects of the free movement of people as well as the numbers of working poor. Replies to the survey are compulsory.
Lausanne, Switzerland (GenevaLunch) – The unemployment rate in the city of Lausanne touched 7.5 percent at the end of July, according to official city figures. Several other towns, such as Yverdon-les-Bains and Vevey in canton Vaud have similarly high unemployment rates.
The US Federal Reserve, the country’s central bank, says that it sees the US economy beginning to stabilize after months of recession. But it kept short term interest rates on hold, near zero percent since December, after its FOMC, rate-setting committee meeting, Wednesday, 12 August. The Fed pointed to improving financial markets as an indicator that the recession is coming to an end. The bond markets dipped a little on the news, disappointed that the Fed was not going to increase its bond market interventions, but then came back. Major stock indices were at highs since the crisis began, and the dollar strengthened against the Yen. Reuters
Unemployment figures in the US are at an all-time high of 9.4 percent, and President Barack Obama says he believes they could go as high as 10 percent. Housing foreclosures set new records, too: more than 360,000 homeowners received a foreclosure filing in July, meaning that legal action was being taken to repossess their homes because they can’t maintain mortgage payments. In the first seven months of the year, 2.3 million homes have been repossessed, auctioned or foreclosed, a record. Reuters, Financial Times (pay), NZZ (Ger)
Update 13:45 Bern, Switzerland (GenevaLunch) - The Swiss Federal Council (cabinet) met Monday 10 August in an extraordinary session that had sparked speculation they could be meeting to discuss the ongoing UBS court case in the US. Council members were briefed on the case, Swiss news agency ats was told by the Swiss vice-chancellor, André Simonazzi, who refused any further comment and insisted that no further information will be provided until the negotiations between the US and Switzerland for an out of court settlement are concluded.
UBS not mentioned, but Swiss cabinet takes economic measures to fight crisis
Instead, the Council took steps to create the necessary legal base that will allow the Swiss parliament to put in place a series of measures to help the country cope with the economic crisis.
Japan’s consumer prices were down by a record 1.7 percent in June compared to a year ago, for the fourth straight month that prices declined. Rising unemployment and falling wages are crimping demand, sending Japan’s economy spiraling into deflation for the second time in less than 10 years. Even when declining energy prices are excluded from the index, prices are broadly lower as the country’s retailers compete with each other on price to sell to the Japanese consumer. The unemployment rate increased to 5.4 percent in June, a six-year high. Bloomberg, Reuters
Bern, Switzerland (GenevaLunch) - The unemployment rate in Switzerland crept up in June by 0.2 percent, or 6,474 persons, for a total of 198,990 receiving unemployment benefits.
Geneva, Switzerland (GenevaLunch) – The financial sector in Geneva is likely to face a sharper increase in unemployment as of September, according to Pierre-André Berger, head of a 32-strong team specialized in banking within Geneva’s cantonal unemployment office. Berger, speaking to Swiss news agency ATS, says that the number of unemployed financial industry people rose from 500 to 1,000 between November 2008 and May 2009, but several factors coming together after the summer holiday period could have a negative impact.
Bern, Switzerland (GenevaLunch) - The upper house of Parliament this week has voted to back the government’s proposals to improve the financial health of the federal unemployment system. The national fund is currently CHF5 billion in the hole and is likely to grow to a CHF6.3b deficit by 2010. If the lower house and a possible public referendum also back the measure, as they are expected to do, workers will see several changes, starting with higher deductions in 2011 and a longer paying-in period before they can claim full benefits.
The proposal as it stands today would increase workers’ payments from 2.0 percent of their salary to 2.2 percent. As a temporary measure to reduce the fund’s debt, this would be increased to 2.3 percent for several years and employees earning CHF126-315,000 would pay an additional 0.1 percent for some years as a “solidarity” measure.
Bern, Switzerland (GenevaLunch) – Swiss unemployment fell slightly in May, from 3.5 percent in April 2009 to 3.4 percent in May, with the number of unemployed dropping by 1,581 persons. The figures remain high compared to a year earlier, however, with 39,962 more people, a 42 percent increase, out of work than in May 2008. The figures for partial unemployment, where companies reduce work hours, have just been published for March, rather than May. They show a sharp rise in companies turning to this cost-saving solution: 701 companies, bringing to 2,206 the total number of companie, compared to 99 companies in March 2008.
Annecy, France (Dauphiné Liberé, Fre) – Households in the department of Haute Savoie are facing increasing debt levels, according to the regional office of the Bank of France. Lay-offs, “technical” unemployment, and reduced overtime have contributed to a 30 percent increase in the number of cases of excessive levels of household debt in the first quarter of 2009, he says. This compares with a 16 percent increase nationwide in France.
Loans to consumers have increased dramatically in recent years, especially among lower-income households who are particularly affected by the deteriorating employment situation in the region.
Bern, Switzerland (GenevaLunch) - Unemployment continues to rise in Switzerland, moving from 3.4 percent in March to 3.5 percent in April, an increase of nearly 2,000 people out of work. The figure is 35.5 percent higher than in April 2007. The number of open jobs fell to 12,397, nearly 3,091 fewer than a year earlier.
Russia’s rate of unemployment has hit 10 percent, new figures from Russia’s Economic Development Ministry released 27 April show, and it will continue to rise, but at a slower rate, the government agency says. There are now 7.5 million Russians out of work, with 3.5m of them laid off since August 2008, and the figure is reaching what the Moscow Times calls the government’s “worst case scenario.”
Pforzheim, Germany, also known as the Golden City because of its history of jewelry production, has seen the highest increases in unemployment in the nation over the past year. The jobless rate went from 7.1 percent to 9.8 percent, bringing the city above the national average of 8.6 percent. Declining exports from Germany, Europe’s largest economy, are expected to lead to more layoffs across the nation. International Herald Tribune
