Swiss unemployment hits four year high

6th November 2009, Comments 0 comments

Unemployment in Switzerland hit a four year high, reaching 4.0 percent, 158,138 people have registered as unemployed.

Zurich – Unemployment in Switzerland hit a four year high in October, reaching 4.0 percent, official data showed Friday.

The number of people registered as unemployed reached 158,138, an increase of 3,729 over September when the unemployment rate stood at 3.9 percent, the Swiss economy ministry said in a statement.

However, youth unemployment among 15 to 24 year-olds fell by 2.7 percent to 29,183 in October.

It was the highest overall jobless rate since the 4.1 percent recorded in February 2005, as the recession bit into the Swiss job market and ended a period of near full employment.

Unemployment is expected to reach an average of 3.8 percent this year with a peak of 5.2 percent in 2010 that would rival highs last reached 12 years ago, according to government forecasts.

The unemployment rate reached an average of 2.6 percent last year.

AFP / Expatica

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