The labour market was a little firmer than expected in November. Unadjusted, joblessness rose 2,517 to 137,317, nudging the unemployment rate 0.1 percentage points higher to 3.1 percent. However, seasonally adjusted the number of people out of work declined some 2,178 or 1.6 percent to 136,603. This was a large enough fall to shade a tick off the adjusted jobless rate which now stands at 3.0 percent, equalling its lowest level in more than five years.
There was also good news on vacancies which climbed a further 0.6 percent versus October to stand 10.9 percent higher on the year.
The surprising dip in the adjusted unemployment rate is consistent with a number of other indicators pointing to a pick-up in economic momentum in recent months. However, with inflation still low and the CHF on the strong side of where the SNB would like to see it, monetary policy is set to remain very accommodative for a long while yet.