RTTNews - The Swiss jobless rate dropped to 3.4% in May from 3.5% in April, a report from the State Secretariat for Economics Affairs or SECO revealed on Monday. Economists had expected it to stay at 3.5% in May. At the same time, the unemployment rate adjusted for seasonal variations rose to 3.5% from 3.4% in the prior month.

According to the records of SECO, 135,128 people were registration as unemployed with the regional offices of placement at the end of May, down 1,581 over the previous month. In May, unemployment increased 39,962 or 42% from the corresponding period of previous year.

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