Data published this morning showed that Swiss unemployment dipped in June to 2.3 per cent seasonally adjusted, 2.1 per cent actual, and the May figure was downwardly revised to 2.3 per cent from 2.4. These numbers have been declining steadily from 3.3 per cent in March 2017 while bringing into question the concept of full employment. The highest was 4.3 per cent in March 1998, the sort of number boasted about in Britain and the US where it is considered ‘full employment’. Switzerland’s record low in this series was 1.6 per cent in December 2000.
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