July 26, 2022
The Swiss Economic Institute’s (KOF) so-called “economic barometer” rebounded sharply in February, rising 6.2 points in a single month.
The barometer reached 102.7 points in February, exceeding its long-term average of 100.
“The downward trend since the pandemic’s interim high in September 2020 has come to an end, at least for the time being.” “The barometer indicates a slightly more lively economic activity in the coming months,” KOF said in a press release.
According to KOF, the manufacturing and construction sectors are “more positive than the previous month.”
It stated that the manufacturing sector, specifically the paper, chemical, and electrical industries, are “more optimistic than previously.”
“On the other hand, the wood, textile, food, and metal industries are experiencing a slight decline.”
Although the economy’s outlook is positive, official figures show that the health-care crisis has had an impact on Switzerland’s job market, with the number of unemployed people rising across the country.
According to data from the State Secretariat for Economic Affairs, 169,753 people were registered as unemployed with regional employment offices at the end of January 2021, 6,208 more than the previous month (SECO).
The unemployment rate increased from 3.5 percent in December 2020 to 3.7 percent currently. In all, 48,735 people more are jobless, compared to the same period in 2020 —that is a difference of 40.3 percent.
SECO data also shows that among the most impacted sectors are retail and commerce (23,039 unemployed) and hotels and restaurants (18,837).
Source: TheLocal.ch
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