in Switzerland saw a slight uptick in December but remains at historically low levels. Throughout the entire year, it averaged its lowest rate since 2001.

As of December's end, 106,859 individuals were recorded as unemployed in regional employment centers. This resulted in a 2.3% unemployment rate for the final month of the year, up from November's 2.1%, according to the State Secretariat for Economic Affairs (SECO).

Compared to December 2022, there was an increase of 9,918 in the number of unemployed individuals, marking a 10.2% rise from the previous year's figures.

The unemployment rate typically fluctuates seasonally, with lower employment opportunities in winter industries like construction, agriculture, and hospitality. SECO's seasonally adjusted unemployment rate rose to 2.2% in December 2023, compared to 2.1% in the preceding month.

SECO reported a positive trend in the labor market's early-year performance, gradually stabilizing from March onwards. However, the overall annual average remained at a long-term low.

For the year 2023, the average unemployment rate stood at 2%, a 0.2 percentage point drop from the previous year. The last time Switzerland saw a lower unemployment rate was in 2001, at 1.7%.

In absolute figures, an average of 93,536 people were registered as unemployed in the past year, signifying a 6.1% decrease compared to the previous year. Photo by Phil Whitehouse, Wikimedia commons.