Consumption recovered more quickly in Switzerland than in other countries. In May, retail sales were over 30 percent up on April, when they were almost 20 percent below the usual level. Retail may have benefited from catch-up effects in May.
The number of job seekers rose by 53,000 compared to June in the previous year, representing an increase of 54 percent. This rise reflects the impact of the coronavirus crisis, even though unemployment remains moderate at 3.2 percent. Around a million employees are still on short-time working, which equates to around 20 percent of the entire workforce. The crucial factor for the future development of the employment market is whether companies can continue to employ these staff when short-time working ends. This will not become clear for a while yet, as the Federal Council has recently extended the maximum eligibility period for short-time working from 12 to 18 months.