Latest data released by SECO - 9 August 2019

  • Prior 2.1%
  • Seasonally adjusted unemployment rate 2.3% vs 2.3% expected
  • Prior 2.3%

The figures are in-line with estimates and hold steady relative to June. The seasonally adjusted reading holds at it tightest level since April 2002 and continues to reaffirm solid labour market conditions in the Swiss economy.

However, with this not translating into meaningful wage/inflation pressures over the past few years, it continues to put the SNB on the path for more easing especially more so when global central banks are facing a similar dilemma.