The number of people out of work fell a hefty 7,529 or 4.7 percent to 152,280 in March. This reduced the jobless rate by 0.2 percentage points to 3.4 percent. However, the decline was in line with market expectations and in large part due to seasonal factors. Adjusted for such distortions, unemployment was down a much smaller 1,130 or 0.8 percent at 146,252. This was only enough to leave the adjusted rate steady at 3.3 percent, also matching the market consensus.
Looking ahead, there was some slightly disappointing news on vacancies which decreased an adjusted 125 or 1.1 percent versus February. However, they still show an unadjusted annual rise of nearly 17 percent.
Overall the labour market figures are consistent with what should prove to be a decent first quarter for Swiss economic growth.