"The latest economic surveys indicate a more positive mood on a broad front over recent months"
-economists at the State Secretariat for Economics
Swiss unemployment rate stood at the highest level in two years in April, adding to fears that the economy remains vulnerable to the strong Franc. According to the State Secretariat for Economic Affairs report, the nation's jobless rate held at 3.1% last month, unchanged from the prior month and in line with analysts' expectations. In the meantime, the number of job openings in the country rose by 113 to 16,135, while a total of 190,367 people were looking for a job, 3,857 less than in the previous month.
Also Tuesday, data showed that the Swiss National Bank's foreign exchange reserves fell in April. The SNB held 433.645 billion Swiss francs in foreign currency at the end of April, compared with 438.3 billion a month earlier. Due to a cap imposed by the SNB in September 2011, Switzerland has managed to escape the slump that has befallen the neighbouring Eurozone.
"The latest economic surveys indicate a more positive mood on a broad front over recent months," economists at the State Secretariat for Economics (SECO) said. "In view of the continuing stability in the domestic economy and a brighter outlook for exports, the opportunities for a further increase in economic growth during the course of this and next year look good."
© Dukascopy Bank SA