The slowing down of the economic recovery which has occurred in many countries since the Spring, has hardly been felt in Switzerland up to the present, On the contrary, the figures for the third quarter of 1937! show that the improvement con tinues, Above all, external trade has developed to a gratifying degree during the past quarter. Imports show an increase of 50 €; and exports of 61 Se compared with the third quarter of 1936. During the first nine months of the year imports amounted to 1,349 million francs, against 822 million francs for the corresponding period of 1936; exports 917 million francs, as against 606 million.
Chiefly on account of a certain deflection in the textile and clothing industry, the degree of employment in that industry was slightly less during the third quarter than during the preceding quarter. In most other industries, however, the level of employment was higher, and this state of affairs may be expected to continue, especially in the watch and clock, paper, leather, metal and machine industries. The situation also improved in the building industry. In the 28 largest towns, apartment buildings constructed during the first 9 months of the year showed a rise of 23 % over those constructed. during the corresponding period of 1936. This improvement is expected t continue, the apartments already planned being more numerous than last year. In the transport industry the recovery continues, although at a slower rate. For the first three quarters of the year the Federal railways show a rise of revenue of 28.2 % in the transport of goods, and of 9 % in passenger traffic, as compared with the corresponding period of 1936.
Agriculture has benefited by fa-yourable harvests. As a result of firm prices, the income of this branch of economy is higher than last year.
Wholesale prices were slightly depressed during the third quarter, though the cost of living index showed no important change; it was 137 (1914—100), as against 1372 at the end of June.
The labour market, as a result of the activity in industry and commerce, shows a much more favourable aspect than a year ago. At the end of September there were 52,000 unemployed, being 37% less than at the end of September 1936. It must, however, be expected that there will be a seasonal rise in the unemployment figures during the winter.
The figures so far published on the state of the public finances, show that there has been a definite improvement, although a balance between income and expenditure has not yet been completely realized. Customs receipts during the first 9 months of 1937 amounted to 1303 million francs, against 1184 in the corresponding period of 1996. The various large Federal monopolies are in a better situation now than at the same period of 1936,
Text read from the printed page and cleaned; old type leaves the occasional error.