Tag Archives: 2) Swiss and European Macro

The share of the permanent resident population aged 15 or more with a migration background increased from 35% to 39% between 2012 and 2021, according to data from the Swiss Labour Force Survey (SLFS). With a few exceptions, the population with a migration background fares less well in many areas of life than the population without a migration background. Regardless of nationality, the number of immigrants and emigrants rose in 2021. These are some of the findings of...

01.12.2022 – The consumer price index (CPI) remained stable in November 2022 compared with the previous month, remaining at 104.6 points (December 2020 = 100). Inflation was +3.0% compared with the same month of the previous year. These are the results of the Federal Statistical Office (FSO). The stability of the index compared with the previous month is the result of opposing trends that offset each other overall. Prices for housing rentals, gas and fuels increased,...

In the 3rd quarter of 2022, the number of employed persons in Switzerland increased by 0.8% compared with the same quarter of 2021 and the number of actual hours worked per week, per employed person, increased by 2.0%. During the same period, the unemployment rate as defined by the International Labour Organization (ILO) fell from 5.1% to 4.3% in Switzerland and from 6.7% to 6.0% in the EU. These are some of the results of the Swiss Labour Force Survey (SLFS)...

We do not like Purchasing Power or Real Effective Exchange Rate (REER) as measurement for currencies. For us, the trade balance decides if a currency is overvalued. Only the trade balance can express productivity gains, while the REER assumes constant productivity in comparison to trade partners. Who has read Michael Pettis, knows that a rising trade surplus may also be caused by a higher savings rate while the trade partners decided to spend more. This is partially...

15.11.2022 – The Swiss residential property price index (IMPI) rose in the 3rd quarter 2022 compared with the previous quarter by 1.2% and reached 114.6 points (4th quarter 2019 = 100). Compared with the same quarter of the previous year, inflation was 6.3%. These are the results from the Federal Statistical Office (FSO). In the 3rd quarter 2022, in comparison with the previous quarter across Switzerland both the prices of sin-gle-family houses (+1.4%) and those of...

14.11.2022 – The Producer and Import Price Index remained unchanged in October 2022 compared with the previous month. The index stood at 109.8 points (December 2020 = 100). Natural gas in particular became more expensive. In contrast, petroleum products showed falling prices. Compared with October 2021, the price level of the whole range of domestic and imported products rose by 4.9%. These are the results from the Federal Statistical Office (FSO). In particular,...

21.10.2022 – 2020 was marked by the COVID-19 pandemic, which affected the entire regional economic fabric in Switzerland. National growth in gross domestic product (GDP) fell to –2.4% at the previous year’s prices and almost all cantons recorded a decline in activity. Jura was the most affected (–8.5%), followed by Neuchâtel (–6.5%), Glarus (–5.3%) and Ticino (–5.2%). Only the cantons of Zug (1.6%) and Schaffhausen (0.7%) recorded an increase. These figures come from...

We do not like Purchasing Power or Real Effective Exchange Rate (REER) as measurement for currencies. For us, the trade balance decides if a currency is overvalued. Only the trade balance can express productivity gains, while the REER assumes constant productivity in comparison to trade partners. Who has read Michael Pettis, knows that a rising trade surplus may also be caused by a higher savings rate while the trade partners decided to spend more. This is partially...

14.10.2022 – The number of teachers in compulsory education is expected to rise by around 6% up until 2031 due to population growth. Between 43 000 and 47 000 new primary teachers will have to be recruited by then.  For the lower secondary level, between 26 000 and 29 000 new teachers will be needed. Furthermore, 90% of those teaching in compulsory education in 2015 who were aged under 55 at that time were still working in a school five years later, according to two...

13.10.2022 – The Producer and Import Price Index rose in September 2022 by 0.2% compared with the previous month, reaching 109.8 points (December 2020 = 100). In particular, petroleum and natural gas as well as agricultural products saw higher prices. Petroleum products, in contrast, became cheaper. Compared with September 2021, the price level of the whole range of domestic and imported products rose by 5.4%. These are the results from the Federal Statistical Office...