While Switzerland's recent growth of employment was high in historical and international perspective, the reasons for this "job miracle" were not well understood. As the "miracle" was not anticipated by economic forecasters, it consequently resulted in systematic and persistent forecast errors....

We evaluate nowcasts and one- to four-quarter-ahead forecasts of Swiss full time equivalent jobs from 1998–2011, comparing forecasts of the KOF Swiss Economic Institute and of the State Secretariat for Economic Affairs with the outcome of the reference series. Both forecasts are biased...