Swiss February jobless rate nudges down to 4.2 percent

09 Mar, 2004

The Swiss unemployment rate fell to 4.2 percent in February from 4.3 percent in January, easing off a near-six-year high, the Swiss government said on Monday.
The State Secretariat for Economic Affairs said the number of registered unemployed stood at 165,979 at the end of February, 2,184 less than in January.
On a seasonally adjusted basis, the unemployment rate was 3.9 percent, unchanged from the previous month.
Economists surveyed by Reuters had expected the jobless rate to dip slightly on a non-seasonally adjusted basis to 4.2 percent and remain constant at 3.9 percent when adjusted for seasonal hiring.
Switzerland is emerging from a double-dip recession that put pressure on firms to trim staff and cut costs to offset sagging sales. But as the economy recovers, the jobless rate is expected to fall this year.
Gross domestic product data released on Friday showed Swiss firms started to dust off investment plans after two years of stagnant growth and recession, while Swiss shoppers appeared to be regaining some of their confidence and spending more.
The economy grew by 0.5 percent in the fourth quarter from the previous quarter, roughly in line with expectations and matching growth seen in the third quarter. It was flat compared with the year-ago quarter.

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