Swiss Unemployment Rises to a Three-Year High
Swiss unemployment rose to 3.4% in April from 3.3% in March. This was the highest reading in three years and the jobless total rose 35.5% over the year. As in neighbouring Germany, more and more companies are putting their work force on shorter hours (Kurzarbeit), which can only ever be a temporary solution to prevent laying off staff if one assumes that demand will pick up again. If there is no turnaround and production remains subdued companies will eventually have to cut staff, which would push unemployment sharply higher later in the year.