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Switzerland’s true unemployment rate rises to 5.1%, faster than in the euro area

The Swiss unemployment rate measured according to International Labour Organization standards has risen faster than in the European Union, a signal that receives less media attention than the official SECO rate.

Switzerland’s true unemployment rate rises to 5.1%, faster than in the euro area

A lesser-known indicator among the general public reveals a sharper deterioration than reported.

Swiss unemployment according to the International Labour Organization rose from 4.7% to 5.1%. This increase comes as US tariffs of 39% on Swiss products, among other factors, weigh on the labour market. By comparison, the unemployment rate in the European Union also rose in the third quarter, but continued to increase much more modestly, from 5.8% to 5.9%.