Swiss Unemployment Rate ticks higher to 3.4% in May vs. 3.7% expected
|In May, Switzerland’s Unemployment Rate rose to 3.4% compared to +3.3% booked in April, as per the latest data published by the Federal Statistics Office on Tuesday.
Markets predicted the jobless rate to tick higher to 3.7% in the reported month.
About Swiss Unemployment Rate
The Unemployment Rate released by the State Secretariat for Economic Affairs (SECO) is the number of unemployed workers divided by the total civilian labor force. If the rate is up, it indicates a lack of expansion within the Swiss lobar market. As a result, a rise leads to weaken the Swiss economy. A decrease of the figure is seen as positive (or bullish) for the CHF, while an increase is seen as negative (or bearish).
FX implications
The Swiss franc was little changed despite the upbeat Swiss data, with USD/CHF keeping its recovery mode intact from Monday’s low of 0.9556.
At the press time, the spot trades flat at 0.9577.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.