Latest data released by SECO - 9 July 2019

  • Prior 2.3%; revised to 2.2%
  • Seasonally adjusted unemployment rate 2.3% vs 2.4% expected
  • Prior 2.4%; revised to 2.3%

The revision to the prior month sees the seasonally adjusted reading hold steady at its lowest level since April 2002. That continues to reflect tight labour market conditions in the Swiss economy but unfortunately it hasn't translated to meaningful wage/inflation pressures and that's the bind that the SNB has to deal with in the bigger picture.