Swiss Unemployment Hits Highest Rate in Almost Five Years

Swiss seasonally adjusted unemployment rose to 3.9% in July, from 3.8% in June, in line with the Reuters median and the highest since September 2004. Meanwhile, the unadjusted rate rose to 3.7% from 3.6%, the highest since January 2006. Data show that although the jobless rate remain low by international standards, slowing economic growth is having an impact and unemployment is likely to continue to rise throughout the year, impacting consumer spending.