Swiss Feb. unemployment rate unchanged at 3.2%; est. 3.2%

Swiss Feb. unemployment rate unchanged at 3.2%; est. 3.2%

Switzerland’s non-seasonally adjusted unemployment rate rose to 2.9% in October 2025, up from 2.8% in the prior two months, marking the highest level since March 2025. The number of unemployed individuals increased by 2.0 thousand to 135.2 thousand during the month. Youth unemployment, which measures job-seekers aged 15–24, declined slightly to 3.1% in October from 3.2% in September, with the number of unemployed youth falling by 0.4 thousand to 13.5 thousand. Meanwhile, reported job vacancies decreased by 2.4 thousand to 35.0 thousand, reflecting ongoing labor market tightening.

On a seasonally adjusted basis, the unemployment rate remained steady at 3.0% in October, consistent with September’s reading. Historical data shows Switzerland’s unemployment rate averaged 3.1% from 1995 to 2025, with a record low of 1.5% in May 2001 and a peak of 5.7% in January 1997. Analysts project the rate to remain near 2.9% through the end of 2025, with longer-term forecasts suggesting a gradual rise to 3.2% in 2026 and 3.0% in 2027.

The recent uptick in unemployment follows a period of stability at 2.8% in August and September 2025, which had been the highest level since April 2025. While the labor market remains relatively tight compared to historical averages, the decline in job vacancies highlights potential challenges for employers in attracting workers.