The Swiss labour market continues to lose momentum. The KOF Employment Indicator has continued to fall in the third quarter of 2025 and, at 0.3 points, is now only just in positive territory. There is therefore no sign of a rapid upturn in the labour market. The overall indicator is particularly adversely affected by the subdued employment outlook in the manufacturing sector, the wholesale and retail trade and the hospitality industry.
The KOF Employment Indicator has fallen to 0.3 points in the third quarter of 2025. In the last quarter the corresponding figure was 1.0 points (revised from 0.6 points). This is the lowest level the indicator has reached since the beginning of 2021. As the KOF Employment Indicator is ahead of actual employment tr