The labour market tightened broadly in line with the usual seasonal pattern in May. A 6,549 or 4.5 percent fall to 139,778 in the number of people out of work reduced the jobless rate by 0.2 percentage points to 3.1 percent. Seasonally adjusted, the decline was a smaller, but still significant, 1,135 or 0.8 percent which saw the adjusted rate hold flat at April's downwardly revised 3.2 percent.
However, news on vacancies was notably less optimistic with the seasonally adjusted total down 120 (1.0 percent) on the month and unadjusted annual growth sliding to 8.0 percent.
Despite the slightly firmer than expected tone to the headline data today's labour market figures suggest that the economic recovery may be stuttering somewhat. With May's upcoming inflation report likely soft, next week's SNB policy announcement can be expected to remain quite cautious.