UPDATE 2-Swiss unemployment rises less than expected in Jan

* Swiss unadj jobless rate 4.5 pct in Jan

* Swiss retail sales rise real 4.7 pct in Dec

* UBS ups 2010 Swiss growth forecast to 2 pct

(Adds retail sales data, analyst quote)

By Catherine Bosley

ZURICH, Feb 8 (Reuters) - Swiss unemployment ticked higher
in January, data showed on Monday, but that rise was less than
economists had forecast, indicating the nascent recovery in
other sectors might be filtering through to the labour market.

The Swiss unemployment rate rose to a non-seasonally
adjusted 4.5 percent in January from 4.4 percent in the previous
month, the State Secretariat for Economic Affairs said.

Highlighting signs of recovery, retail sales data for
December showed a 4.7 percent year-on-year increase in real, not
seasonally adjusted terms. [ID:nZAT010714]

"The unemployment and retail data this morning show that the
Swiss economy is not that bad," said David Marmet, economist
with ZKB.

"It seems that the recession in Switzerland was not as
strong as everyone said it would be as consumption is still
quite strong," he said, adding growth in the first half of this
year could prompt the Swiss National Bank to go for a rate hike
in September.

Switzerland emerged from a deep recession last summer and
recent economic data is pointing to recovery, but economists
expect joblessness to peak later this year, which could weigh on
consumer spending.

The SNB has already started to unwind some of its
unconventional measures taken to counter recession and deflation
risks, and most economists expect a small interest rate increase
in the second half of 2010. <0#FES:>

The central bank forecasts economic growth of 0.5 to 1.0
percent this year, but has also cautioned uncertainties remain.

UBS (UBSN.VX) raised its 2010 growth forecast for
Switzerland to 2 percent from an earlier 1.7 percent on Monday,
saying immigration was likely to support consumption.

UBS said it expected inflation of 0.6 percent this year,
partly due to a strong Swiss franc.

The SNB has said it is ready to combat an 'excessive' rise
in the franc as part of the extraordinary measures adopted to
counter deflationary pressures. [ID:nLDE6140NM]

In seasonally adjusted terms, the unemployment rated dropped
to 4.1 percent from the previous month's 4.2 percent. Economists
had forecast the non-adjusted jobless rate at 4.6 percent for
January. ECONCH

(Additional reporting by Katie Reid; Editing by Andy Bruce)