The International Labour Organization has long been sounding the alarm. The unemployment soars at extremely high levels in countries of used to be calm Europe. Today the number of redundancies appreciated, partly due to austerity policies.


The unemployment rate has been swinging even in the Europe's most stable economy - Switzerland. According the Swiss State Secretariat for Economic Affairs, presently 3.1% of Swiss population have no jobs.


As the official data on inflation in Switzerland showed yesterday, the consumer prices in the country grew less than expected. Analysts had projected that inflation would equal minus 0.9% on a yearly basis. In April it increased by mere 0.1%. In comparison with last year, Swiss inflation climbed up to minus 0.1%.


The country has not managed to overcome deflation owing to an overrated national currency. The Swiss franc is now regarded as a safe heaven.


During the trading session on Monday the franc strengthened amid weak fundamental data from Switzerland which comes as no surprise. Eventually, by the end of the day the dollar was worth some 0.92 franc.