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Tag Archives: Business & Economy

Swiss unemployment falls in April

According to data from the State Secretariat for Economic Affairs (SECO), 106,957 people were registered as unemployed at the end of April 2024, 1,636 (-1.5%) fewer than in the previous month, taking the rate from 2.4% to 2.3%. However, unemployment remained higher (+0.3 percentage points) than it was at the same time in 2023. Photo by Tim Gouw on Pexels.comAt the end of April 2024, youth unemployment (2.0%) and unemployment among those aged 50-64 (2.2%) were lower than the average...

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Bumper season for Swiss mountain lift companies

The recent winter season was positive for Switzerland’s mountain resort lift operators. However, the picture was mixed with low altitude resorts missing out on much of the joy, reported Switzerland’s mountain lift association this week. By the end of April 2024, the number of first-time visitors to Swiss ski areas overall was up 3% compared to the previous year, and up by 5% compared to the 5-year average. Early snow in November and December combined with late snow in April extended...

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Inflation returns to Switzerland in April

Consumer prices in Switzerland increased by 0.316% in April 2024, rising 1.4% over the previous 12 months, reported Switzerland’s Federal Statistical Office (FSO) this week. However, annualised, the monthly rate comes to 3.79%, a rate well above the Swiss National Bank’s (SNB) preferred maximum of 2%. Photo by Kampus Production on Pexels.comApril’s 0.3% monthly price increase was driven by several factors including rising prices for packaged holidays abroad (+6.7%), airfares (+3.4%) and...

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Swiss National Bank profits bounce back to record level

This week, the Swiss National Bank (SNB) announced a record quarterly profit for the first quarter of 2024. The result was largely predicted after the SNB made a surprise interest rate cut, which led to a weaker Swiss Franc. Switzerland’s central bank is unusual. It is privately owned (mainly by a German citizen) but distributes much of its profit to the nation’s cantons and federal government. This feature adds to the politicisation of monetary policy in Switzerland as it increases the...

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Swiss National Bank surprises with interest rate cut

On 21 March 2024, the Swiss National Bank (SNB) lowered its key interest rate from 1.75% to 1.5%. © J0hnb0y | Dreamstime.comThe move makes the SNB the first significant central bank to lower rates as inflation slows. The cut surprised many analysts and economists. The consensus expectation was for no change in the rate. Many other central banks have left rates unchanged. On 20 March 2024, the US Fed decided to maintain the target range for the federal funds rate at 5.25% to 5.5%. And...

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10-step guide to hiring an employee in Switzerland

Brought to you by quitt.business.   For startups and small companies, hiring and onboarding new employees can be a real hassle. In Switzerland especially, there is a significant amount of admin to deal with. The following is a guide to all the tasks involved in this process. © Sasa Mihajlovic | Dreamstime.comA summarised list of the administrative tasks associated with hiring a new employee are set out below: Create an employment contract Register for social security taxes with...

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No rise in Switzerland’s rent rate this quarter

After two increases in a row the reference interest rate used for adjusting rents remains unchanged this quarter. Photo by Expect Best on Pexels.comAfter two rises from 1.25% to 1.75% last year, many tenants in Switzerland will be breathing a sigh of relief. Many economists forecast no increases in the rate this year. Every quarter the rate of interest used to set the rents in Switzerland is reviewed. If it goes down some renters have the right to request a decrease in rent. If it...

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Swiss supercomputer aims to make AI open to all

Much of the progress being made in AI is captured within private companies aiming to keep it to themselves in order to profit from it. Open AI, a project started as an open-source non-profit has morphed into a largely closed-source profit-maximising project increasingly integrated into the software company Microsoft. Many see open-source as critical to the healthy development of AI. A super computer combined with the knowhow of Switzerlands world-leading federal universities could help to...

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Swiss unemployment rises more than expected

The number of people unemployed in Switzerland rose by more than most economists expected in January 2024. Photo by energepic.com on Pexels.comThe rate at the end of January rose to 2.5%, up from 2.3% at the end of 2023, reported the State Secretariat for Economic Affairs (SECO). A group of economists predicted it would be between 2.2% to 2.5%, placing the actual figure at the top end of expectations. However, the rate remains low by historical standards. And some of the...

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Issues concerning the Swiss most in 2023

This week, a survey was published setting out issues of greatest concern to the Swiss public. Photo by Towfiqu barbhuiya on Pexels.comThe five biggest issues cited by the Swiss population are of a monetary nature. Economic concerns haverisen, leaving issues such as climate change in sixth place. The top concern is healthcare costs and health insurance premiums. 41.8% were worried about this. This is the leading concern across all age groups, including those under 30 who are typically...

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