Swiss Unemployment Hits Three-Year High in May

Swiss seasonally adjusted unemployment rose to 3.5% in May, from 3.4% in April, in line with the Reuters consensus and the highest since April 2006. Meanwhile, the unadjusted rate slipped back to 3.4% from 3.5%. 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.