Switzerland – Very moderate rebound in employment in the third quarter

The employment barometer shows that some Swiss sectors have recovered, while others see no improvement.

In the hotel and catering industry, the outlook continues to be “very bleak” (archives).

KEYSTONE

The KOF employment barometer recovered somewhat in the third quarter, but still remains largely negative. The differences between the evolution of sectors is considerable. Some have recovered, while others see no improvement.

As a result of the coronavirus, the barometer calculated by KOF forecasters fell to -12.9 points during the month under review, the Zurich Institute for Economic Analysis said on Monday, against -20.6 points three months earlier (revision of 19.9 points).

Only three times in the past 15 years has it settled down below, which makes KOK forecasters say that Switzerland is not yet out of the woods and therefore cannot yet be reassured.

Caution is in order

On the one hand, certain sectors such as retail trade, construction and other service sectors, which have particularly suffered from the containment measures taken at the start of the pandemic crisis, have shown a clear improvement since deconfinement. But here again, caution is in order, the press release said, because the employment indices are still negative.

On the other hand, in the sectors which have been the most affected by the coronavirus, that is to say the hotel industry, the restoration but also the industry, the prospects continue to be “very gloomy” deplores the KOF. In the first two sectors, the drop was 40 points in the third quarter, so almost identical to that of the second.

(ATS / NXP)

Posted today at 11:41 am

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