Swiss Unemployment Rate at 2.9% in October

Switzerland's unemployment rate rose from 2.8 to 2.9 percent in October, State Secretariat for Economic Affairs (Seco) reported on November 7.

A total of 3,834 people registered with employment offices around the country in October, a figure much higher than the 383 that did so in September.

This is the first time that Switzerland's jobless rate has risen since January 2010, when unemployment peaked at 4.5 percent due to the global economic and financial crisis. Since then, the country had been recovering steadily.

In recent weeks, some of the largest companies in Switzerland have announced job cuts, including Novartis, Roche, Credit Suisse and UBS, with the strong Swiss franc putting a dent in profits.

Swiss Unemployment Rate at 2.9% in October, Federal Statstical Office
11/7/2011 1:35:54 PM