FX.co ★ Swiss Non-Farm Payrolls Growth Slows

In the first quarter of 2025, Switzerland experienced a 0.6% year-on-year rise in non-farm payrolls, reaching a total of 5.512 million. This growth marks a deceleration from the previous quarter's 0.9% increase, which had pushed payrolls to a record high of 5.534 million. Within the industrial sector, employment saw a slight increase of 0.2%, totaling 1.128 million. This uptick was bolstered by notable advancements in specific areas: mining and quarrying grew by 2.9%, electricity, gas, steam, and air-conditioning supply surged by 5.0%, water supply and waste management rose by 2.2%, and construction expanded by 1.5%. Additionally, the services sector witnessed a 0.7% increase in payrolls, achieving a total of 4.384 million. This growth was primarily fueled by enhanced employment in transport and storage sectors at 2.4%, significant gains in water and air transport at 6.1%, and a 1.3% rise in the finance and insurance sectors.