In May, Switzerland’s Unemployment Rate rose to 3.4% compared to +3.3% booked in April, as per the latest data published by the Federal Statistics Office on Tuesday.
Markets predicted the jobless rate to tick higher to 3.7% in the reported month.
About Swiss Unemployment Rate
The Unemployment Rate released by the State Secretariat for Economic Affairs (SECO) is the number of unemployed workers divided by the total civilian labor force. If the rate is up, it indicates a lack of expansion within the Swiss lobar market. As a result, a rise leads to weaken the Swiss economy. A decrease of the figure is seen as positive (or bullish) for the CHF, while an increase is seen as negative (or bearish).
The Swiss franc was little changed despite the upbeat Swiss data, with USD/CHF keeping its recovery mode intact from Monday’s low of 0.9556.
At the press time, the spot trades flat at 0.9577.