Slovakia’s unemployment rate drops to 12.19 percent in August

Slovakia's unemployment rate dropped slightly (by 0.14 percentage points) month-on-month to 12.19 percent in August, the Labour, Social Affairs and the Family Office (ÚPSVaR) announced on Monday, September 20, the TASR newswire wrote.

Slovakia's unemployment rate dropped slightly (by 0.14 percentage points) month-on-month to 12.19 percent in August, the Labour, Social Affairs and the Family Office (ÚPSVaR) announced on Monday, September 20, the TASR newswire wrote.

A total of 370,671 job-seekers were registered at job centres in August. Even though their number was 3,758 lower than in July, the same figure rose by 8,100 in annual terms.

The average length of time that unemployed people were registered at labour offices reached 13.57 months in August, a year-on-year increase of 2.5 months.

Seasonal work, according to analysts, contributed to unemployment easing in August. "The unemployment rate benefited from seasonal works as typical are in the summer and have offset the lay-offs in companies," Poštová Banka analyst Eva Sadovská told TASR.

Analysts described the August drop in Slovak unemployment as 'gradual', and say that the drop in unemployment is expected to continue in the coming months as part of Slovakia's economic recovery. "But we don't expect the registered jobless rate to fall markedly below 12 percent by year-end," she said.

Slovenská Sporiteľňa analyst Michal Mušák notes corporate wariness in respect of further economic developments in Europe. "The most important medium-term hope for the Slovak labour market is whether and to what extent as many sectors as possible exploit their stronger competitive advantage gained from euro adoption," said Volksbank analyst Vladimír Vano.

Given that the Slovak economy is intertwined with Germany's, Unicredit Bank analyst David Dereník warns of uncertainty flowing from that country and possible second deceleration at the end of the year. "Firms are stepping into the labour market warily and after the first wave of industry hiring in the first half of 2010 they are once again biding their time. Key in the months ahead will be developments in new industry orders.

Source: TASR

Compiled by Zuzana Vilikovská from press reports
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.

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