The seasonally adjusted jobless rate in Switzerland rose to 4.0% in August, which is the highest level since October 2003, with the data planting a discoursing image of the Switzerland economy as the number of unemployed from July increased 5,467 to 150,831 people. At the same time, the headline reading for unemployment rose to 3.8% from 3.7% in the previous month amid expectations for a rise to 3.9%, and the data foreshadows a weakening outlook for consumer spending as companies continue to scale back on jobs and decrease work hours. The jobless rate is likely to increase further in the country as companies such as the Swiss National Bank anticipates economic activity to remain subdued throughout the following year, and the central bank may continue to intervene in the currency markets throughout the second-half of the year in an effort to stem the downside risk for growth and inflation.
