06.08.201010:14:00UTC+00Switzerland Jobless Rate Drops In July

Switzerland's labor market conditions improved as the unemployment rate dropped again in July, data from the State Secretariat for Economic Affairs showed on Friday.

The seasonally adjusted jobless rate decreased to 3.8% in July from 3.9% recorded in June. Economists had forecast the rate to remain at 3.9%.

The unadjusted jobless rate also decreased in July, to 3.6% from 3.7% recorded in the previous month. That was in line with the forecast. Compared to the same month of last year, unemployment dropped 3,034.

The seasonally adjusted number of unemployed were 149,864 in July, down from 153,817 recorded in June. Youth unemployment increased to 22,499 from 21,131. Youth unemployment dropped 3,194 or 12.4% from the last year. The number of vacancies fell to 17,426 in July.

Job seekers in July totaled 205,604 down by 3,666 from the previous month. Annually, it increased 0.7%.

The KOF economic institute sees jobless rate at 3.8% this year and 3.3% next year. The institute said wage growth is likely to be moderate, indicating that this will not exert considerable cost pressures before the end of 2011.

Copyright(c) 2010 News.com, Inc. All Rights Reserved