Swiss unemployment rates rose slightly in December, though it remains at a historically low level. By the end of the year, 106,859 people were registered as unemployed with the regional employment centres. Compared with December 2022, there were 9,918 more unemployed people, marking a 10.2% increase from the previous year’s total. Despite this rise, on average, the annual unemployment level was at its lowest since 2001.

The State Secretariat for Economic Affairs (SECO) explained that such fluctuations, including the rise to 2.3% from November’s 2.1% rate are typically seasonal, as industries such as construction, agriculture, and catering generally offer less employment in winter months. In 2023, the average unemployment rate was 2%, which is 0.2 percentage points down from the previous year. In absolute numbers, an average of 93,536 people were registered as unemployed in 2023, representing a 6.1% decrease from the previous year.

The last time Swiss unemployment rates were this low was in 2001, with 1.7%. Despite a gradual normalization of the positive labour market trend from March onwards, SECO still noted a long-term low for the year. Despite a slight increase towards the end of the year, Switzerland’s labour market remains robust and the unemployment rates stay low.