"There's no quick growth perspective ahead"
- Julius Baer Chief Economist Janwillem Acket
The number of unemployed people in Switzerland rose last month, as companies eliminated more jobs due to weak economic performance. The jobless rate rose to a seasonally adjusted 3.0% in October, up from 2.9% in the previous month, in line with analysts' expectations. While the overall unemployment rate soared to the highest level since March 2011, the number of job openings dropped by 44 to 15,726.
"We're heading for a very difficult winter," said Julius Baer Chief Economist Janwillem Acket. "There's no quick growth perspective ahead."
"The Swiss economy will have to get used to a weaker economic momentum," said VP Bank economist Bernd Hartmann. "There is a lack of fresh impulses in the shape of investments despite record low interest rates. The question is: Where is growth in the near future supposed to come from?"
The Swiss blue-chip index SMI, a measure of the largest and most actively traded companies, rose 0.24 per cent to 6,713.62. The broader Swiss Performance Index added 0.15 per cent to stand at 6,182.50.
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