Swiss Jobless Rate Drops to 3.6%

The Swiss jobless rate fell to the lowest in more than 1 1/2 years in October as companies boosted their workforce to meet global export demand.

The jobless rate dropped to 3.6 percent from 3.7 percent in September when adjusted for seasonal swings, the State Secretariat for Economic Affairs in Bern said today in an e- mailed statement. That’s the lowest since May 2009 and in line with the median forecast of nine economists in a Bloomberg News survey. The unadjusted jobless rate held at 3.5 percent.

Swiss companies have added workers, in turn encouraging consumer demand and bolstering an economic recovery. The government in September raised its growth forecast for 2010 and ABB Ltd., the world’s largest maker of power-transmission gear, said last month that increased spending by customers on industrial equipment will support earnings and sales into 2011.

Swiss Jobless Rate Drops to 3.6%, Bloomberg
11/8/2010 12:31:34 PM