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Swiss Jobless Rate Rises In May

Switzerland's unemployment rate climbed in May, the State Secretariat for Economic Affairs, or SECO, reported Tuesday.

The jobless rate rose to a seasonally adjusted 3.4 percent in May from 3.1 percent in April. However, this was well below economists' forecast of 3.7 percent.

On an unadjusted basis, the unemployment rate advanced marginally to 3.4 percent from 3.3 percent a month ago.

The number of unemployed rose 2,585 from the previous month to 155,998 in May.

The youth unemployment rate, which applies to the 15 to 24 age group, rose to 3.4 percent from 3.3 percent in the prior month. The youth unemployment increased by 3.3 percent to 17,758.

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