Employment prospects remain stable in the fourth quarter in Switzerland, according to the KOF Swiss Economic Institute.
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The employment outlook in Switzerland will remain stable towards the end of 2024, according to the KOF Swiss Economic Institute at ETH Zurich. Jobs creation in Switzerland should continue to develop solidly, it added.
The KOF employment indicator stood at 3.9 points in the fourth quarter, the institute announced on Friday. In the previous quarter, was 3.8 points (revised from 5.2 points). It has proved to be robust in the current year despite growing economic concerns.
The evaluations are based on the responses of around 4,500 companies that KOF surveyed in October on their employment plans and expectations. On balance, the majority of participating companies still consider their current headcount to be too low.
The proportion of companies planning to increase their workforce in the next three months slightly exceeds the proportion of companies planning to cut jobs.
Stabilization in the current year
After reaching its previous high of 16.6 points in the second quarter of 2022, the KOF Employment Indicator subsequently fell back. However, the indicator has stabilised since the first quarter of this year and has recorded values of around 4 points for three consecutive quarters.
Overall, the indicator is therefore slightly above its long-term average, the KOF said. As it is slightly ahead of the actual employment trend in Switzerland, the latest figures point to a moderate employment trend in the coming months.
Little movement in the sectors
According to the latest evaluation of the company survey on employment, there was little change not only in the overall picture, but also in the individual sectors. For example, the outlook in manufacturing, construction, hospitality and banking changed little compared to the previous quarter. The employment indicators were still close to zero.
In wholesale, on the other hand, the KOF indicator, which was already at a low level, fell again and is now quite clearly in the red at -12 points. The outlook in the insurance sector has also clouded over, although the indicator there is still in positive territory.
According to the KOF, however, other service providers are planning a considerable increase in jobs. This category includes important sectors for Switzerland such as information and communication, real estate and housing, scientific and technical services and health and social services.
Translated from German with DeepL/sb
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