Swiss Unemployment Rises

Unemployment in Switzerland rose in August to 3.8 per cent as job vacancy advertisements were also in decline, the State Secretariat for Economic Affairs reported. Compared to the same period last year, the conferederation's unemployment rate has jump 60 per cent.

Workers also reported increased reductions in hours and pay, as companies tried to scale back expenses in the worst global economic crisis in six decades.

In total, the registered unemployed seeking jobs amounted to 208,568 people, 4,431 more than the previous month. This was 45.3 per cent higher than in August 2008.

In July, unemployment in the Alpine land had stood at 3.7 per cent.

Swiss Unemployment Rises, Bloomberg
9/8/2009 9:32:07 AM