The annual average unemployment rate in Switzerland for 2018 stood at 2.6%, a decrease of 0.6% compared to 2017 and the lowest rate in ten years, according to the State Secretariat for Economic Affairs (SECO).

SECO’s data found that just over 118,000 people were registered with regional job centres during 2018, which was 17.5% fewer than the previous year.

The youth unemployment rate (15- to 24-year-olds) averaged 0.7% lower than in the previous year to an annual average of 2.4%. Meanwhile, the unemployment rate of older workers (aged 50 or over) also decreased with an annual average of 2.5%, a decrease of 0.3% compared to 2017).

For December 2018, the Swiss unemployment rate stood at 2.7%, down from 3.3% in December 2017.

“The latest figures indicate that the Swiss economy is doing well and that the labour market situation is good,” SECO said in a statement. Low unemployment rates and a pleasing financial outlook for unemployment insurance are the result of positive cyclical developments.”

Data from the Swiss Staffing index, the business barometer for temporary work companies in Switzerland, found that in November, the Swiss temporary staffing market grew by 4.9%. For the third quarter of 2018, which was the latest quarterly data available, the Swiss temporary staffing market grew by 5.5%.