The Swiss labour market was a little stronger than expected last month. Unadjusted, the number of people out of work fell 2,409 to 133,160 and in so doing left the jobless rate unchanged at 3.0 percent. However, seasonally adjusted, a 1,594 decline to 140,535 was large enough to shave a tick off the unemployment rate to 3.1 percent, its lowest mark since April 2015.
There was also good news in the vacancies update which showed a further 0.5 percent seasonally adjusted monthly increase for an unadjusted yearly gain of 12.9 percent.
The September jobless report is promising but leaves, at best, only a very slowly improving picture that may not be enough to provide any real boost to still sluggish household consumption growth.