Unemployment continues to decline towards pre-crisis levels
At the end of November, 19,790 people were registered as unemployed at the regional job placement centers (RAV) in the canton of Zurich, 703 fewer than in the previous month. This means that the number of unemployed has fallen below the 20,000 mark for the first time since the beginning of the crisis. The unemployment rate fell for the ninth month in a row, by 0.1 percentage points from 2.4 percent to 2.3 percent. This is only 0.2 percentage points above the pre-crisis level (November 2019: 2.1 percent).
Cold is noticeable on the building. season
The unemployment figures are possible in most other industries. The largest declines were again recorded in the retail trade (-122), the health and social services (-96) and the hospitality industry (-94).
In the construction industry (+145) the number of unemployed rose again in November, which corresponds to a recurring pattern due to the lower construction activity over the winter months. This year, however, the increase remains below average. Other economic services (+15), particularly in the temporary employment sector, also recorded an increase in unemployment.
Positive employment prospects despite Corona
The recovery on the labor market was partly in November, but less dynamic than in the months before due to the seasonal effects. Nonetheless, the unemployment rate should soon have reached the pre-crisis level. It is still unclear how much the increasing number of corona cases will burden the labor market. In the short term, there is unlikely to be any widespread job cuts, as the Zurich companies continued to expect an increase in employment by the beginning of 2022 in November.