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Abstract The following contribution compares the unemployment situation arising from the lockdown induced by the Covid-19 pandemic with previous employment crises in Switzerland. In addition, it forecasts the future trajectory of unemployment based on ongoing changes in hazard rates. From a historical perspective, current unemployment as well as that expected by the federal authorities in the medium term do not seem that dramatic. Current hazard rates present a different picture, however, predicting increases in both the unemployment rate and long-term unemployment to record levels.