FX.co ★ Swiss Non-Farm Payrolls Growth Eases

Switzerland's non-farm payrolls experienced a modest increase of 0.1% on a year-on-year basis, reaching 5.532 million in the third quarter of 2025. This marks a slowdown from the previously revised 0.8% rise in the prior quarter. In the industrial sector, employment saw a downturn, decreasing by 0.7% to 1.132 million, largely due to a 1.4% contraction in manufacturing. However, this decline was somewhat mitigated by growth in mining and quarrying, which rose by 4.7%, along with electricity, gas, steam, and air-conditioning supply, which increased by 3.7%, and water supply and waste management, up by 1.8%; construction, however, remained unchanged. In contrast, the services sector saw a slight uptick in employment, increasing by 0.2% to reach 4.4 million. This growth was driven by expansions in health and social services, which grew by 1.9%, freelance, knowledge, and technical services, up by 1.4%, and transport and storage, which rose by 0.7%.