BERN: The State Secretariat for Economic Affairs (SECO) said that the Swiss jobless rate had fallen by 0.1% in March compared with February to 3.4%. Oliver Schärli, head of the labour market section at SECO, said that the often cited “appreciation shock” after the fall of the cap had not affected unemployment in March and that the Swiss job market was robust.
The Swiss unemployment rate dropped slightly in March, suggesting that as yet there has been little impact on the economy from the shock decision by the Swiss National Bank to scrap the cap on the value of the Swiss franc against the euro.
The cap move, announced on January 15, caused the franc to surge against the euro and dollar and had repercussions for the both the Swiss and global financial system. For exporters and the tourism industry in Switzerland, the move led in the aftermath to a near 18% rise in the franc against the euro.
