The Swiss unemployment rate unexpectedly rose to 2.3% in March (seasonally adjusted; vs 2.2% cons and prior), continuing the slow upward drift seen in the past few months from two-decade lows.

• The SNB said in their March rate decision press statement that they expect unemployment to continue to rise gradually. Private sector consensus prior to this release saw the rate flat at 2.2% in 2024 and '25, however.
• The number of unemployed (SA) rose by 3.1k vs Feb 2024, to 105.6k, while the number of job vacancies declined 0.9k over the same period to 42.4k.
• Consequentially, the ratio of the number of unemployed persons to vacancies also rose after two decreases and stands considerably higher than a year ago (2.49 vs 1.55 in Mar'23), suggesting that the slow and steady loosening of the Swiss job market continued in March.

MNI, Destatis