The Swiss unemployment rate rose to 4.1 percent in December from 4.0 percent in November, data showed on Thursday, but held steady on a seasonally adjusted basis suggesting the worst may be over for Swiss job seekers.
The State Secretariat for Economic Affairs said the number of registered unemployed had risen by 6,237 to 162,835 in December. When adjusted for seasonal hiring, the jobless rate was unchanged from the previous month at 3.9 percent.
After a tough 12 months for Swiss firms, which saw them shed staff in the wake of a global downturn, the Swiss unemployment rate averaged 3.7 percent over 2003 as a whole - the highest annual level since 1998.
While the Swiss economy looks to be pulling away from a double-dip recession, the Swiss National Bank has warned that risks to the outlook remain.
Economics Minister Joseph Deiss said while the economy would improve in the coming year, the number of unemployed would likely remain around 150,000 over 2004. "We are looking for growth of around 1.5 percent," he said in a recent newspaper interview. "This will not however make itself felt immediately on the jobs market."
Economists also warn the recent strength of the single European currency against the dollar could damage prospects for growth in the eurozone and hamper a recovery in Switzerland which depends on EU trade.
The mid-range of 11 economists surveyed by Reuters was for the non-seasonally adjusted jobless rate to rise to 4.1 percent and the seasonally-adjusted rate to come in at 3.9 percent.
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