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Switzerland: unemployment rate (sa) in December rose to 3.1% from 3.0% in November |
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09.01.12 10:38 |
In December, the Swiss unemployment rate (sa) rose to 3.1% from 3.0%, as was widely expected. The number of jobless rose to 130,662 from 121,109 in November. While the Swiss labour market has remained in fairly good shape (when compared with, for instance, the labour market situation in many euro area countries), the December data may well signal that the Swiss economy is about to feel the slowdown from global demand. In particular, in view of falling CPI rates and the outlook of a further softening of growth, we expect the Swiss National Bank (SNB) to keep rates at record lows for the foreseeable future and, in addition, will stick to its policy of pushing through a "1.20 minimum exchange rate" for the franc vis-à-vis the euro.
source: BarCap
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