Labour market in September: a monthly fall is no all-clear yet
Registered unemployment fell slightly, but remains clearly above last year's level. Understanding the situation means separating the unemployed, jobseekers, vacancies and short-time work reported with a delay.
The headline sounds reassuring at first: in September, 1,064 fewer people were registered as unemployed in Switzerland than in August. The unemployment rate remained at 3.0 percent. Anyone who already reads a clear easing of the labour market into this is reading only the first line of the new SECO release.
The month-on-month comparison does indeed show a small decline. The year-on-year comparison tells a different story: compared with September 2025, 7,247 more people were registered as unemployed, a rise of 5.4 percent. The picture becomes even clearer among jobseekers. Their number rose slightly against the previous month and by 13,842 people against the previous year.
The key finding is therefore this: the September figure is a snapshot, not an all-clear. And it is not the same thing as a current employment statistic.
Two figures that reflect different life situations
At the end of September, 140,480 people were registered as unemployed at the Regional Employment Centres (RAV). In this statistic, unemployed means being without work and immediately available for placement. The number of registered jobseekers was much higher at 227,592; their rate was 4.8 percent.
The difference of 87,112 people is not a statistical aside. Jobseekers also include people who already have a job or are not immediately available but who claim support with their search from the RAV. These may be people in further training, with interim earnings, within a notice period or in another transitional situation.
For those affected, this distinction matters. Someone who has been given notice is not necessarily already registered as unemployed. Conversely, not everyone registered as unemployed draws benefits from unemployment insurance. The rate of 3.0 percent therefore describes precisely registered unemployment – not all the uncertainty in the labour market.
Seasonal adjustment dampens the optimism
One month is not yet a trend
The decline in September may also have seasonal causes. That is why SECO also publishes adjusted series. Adjusted for seasonal effects, the number of unemployed fell by 475 to 147,411; the rate remained at 3.1 percent. Among jobseekers, the adjusted figure fell by 444 to 237,244, and the rate stayed at 5.0 percent.
These figures do not point to an abrupt turnaround. Rather, they show a sideways monthly movement at a higher level than a year earlier. This is particularly visible among younger and older unemployed people: the number of 15- to 24-year-olds fell against August to 14,346, but was still 3.5 percent above the previous year's figure. Among 50- to 64-year-olds it fell slightly month on month to 38,482, yet was 6.3 percent higher than in September 2025.
Monthly movements therefore warrant caution. Registrations can change with holidays, the completion of training, sectoral rhythms or the length of individual placement processes. The seasonally adjusted series helps to dampen such recurring influences; it is not a forecast, however. Only several months and a comparison with other indicators will show whether a small change becomes a durable trend.
Vacancies help – but they are no counter-proof
44,199 vacancies were reported to the RAV, 466 more than in August and 6,827 more than in the same month last year. That is a positive signal. But it does not mean that every vacancy suits every jobseeker. Professional experience, region, workload, language, pay and timing determine whether an advertisement actually turns into a job.
The other indicators also require patience. In the September release, the number of people exhausting their benefits refers to July: 2,990 people had then used up their right to unemployment compensation, 9.3 percent more than in June. The short-time work data even relate to June. They cover 8,339 people; SECO explicitly notes that after three months, experience shows that only around three quarters of the settled short-time work cases are available.
Employment is a different measure
SECO's monthly release contains no current total number of employed people. For that there are separate statistics, usually compiled quarterly, from the Federal Statistical Office. The unemployment rate according to the international ILO definition is also not identical with SECO's registered unemployment rate. Anyone who says “labour market” should not mix up these measures.
For ordinary Swiss residents, the September release is nonetheless useful. It shows that the situation has not deteriorated dramatically compared with August. But for many people it is more difficult than a year ago. Anyone looking for work should take individual options and contact with the RAV seriously. For politics and business, the more important question remains whether the vacancies turn into stable, suitable jobs – and whether the year-on-year comparison turns again in the coming months.
Sources
SECO: The situation on the labour market, September 2026
SECO: Labour market statistics, reports and legal bases
arbeit.swiss: Swiss labour market statistics and definitions
