Unemployment rate falls to 2 percent
At the end of April, 17,222 people were registered as unemployed at the regional employment centers (RAV) in the canton of Zurich, 986 fewer than in the previous month. As a result, the unemployment rate fell from 2.1 to 2.0 percent and is thus below the pre-crisis level of 2019 for the fourth time in a row. Adjusted for seasonal effects, the number of unemployed fell by 181 people.
Decline in all sectors
The decrease in unemployment figures was most pronounced in the construction industry (-218) and in the hospitality industry (-197). Both sectors are subject to strong seasonal fluctuations and should benefit from the warmer temperatures. However, the unemployment figures have also fallen significantly in many service sectors, above all other economic services, where the decline occurred mainly in the gardening and landscaping sector. Overall, the number of unemployed has fallen in almost all sectors.
At the same time, the number of vacancies reported to the RAV continued to increase in April and reached its all-time high of 10,966 in 2022. It is highest in the occupational groups of cooks and waiters (1,835) and in skilled trades and construction workers (1,568).
Unemployment is likely to fall below 2 percent soon
Despite the high level of uncertainty caused by the Ukraine war, the lockdown policy in China and inflation, the situation on the labor market is likely to remain robust, as Zurich companies’ employment expectations remain positive in all sectors. It can be assumed that the unemployment rate will fall below 2 percent in the next few months and will thus reach a new all-time low.