Unemployment up in second quarter of 2020 in Switzerland

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Investec
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Switzerland’s unemployment rate rose from 4.2% to 4.6% in the second quarter of 2020, according to a recent survey that measures unemployment more broadly than Switzerland’s official unemployment measure.

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The method used for these calculations is the one defined by the International Labour Organisation (ILO), which includes all available job seekers – ILO definition of unemployment.

The standard official Swiss measure includes only those registered as unemployed, a lower percentage that excludes those who are available and seeking work but no longer registered. Much of the motivation to register with the unemployment office in Switzerland disappears once an individual has reached the end of their unemployment insurance.

The latest figures show large unemployment differences across age groups and nationality. More than 8% of those aged 15-24 and around 4% for all other age groups were unemployed. Around 7.5% of foreign nationals and roughly 3.5% of Swiss were unemployed at the end of the second quarter of 2020.

About Investec

Investec is a distinctive Specialist Bank and Asset Manager. We provide a diverse range of financial products and services to a niche client base in three principal markets, the United Kingdom, South Africa and Australia, as well as certain other geographies. Investec’s strategic goals are motivated by the desire to develop an efficient and integrated business on an international scale through the active pursuit of clearly established core competencies in the group’s principal business areas.

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