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Slovakia’s unemployment rate falls slightly in October to 13.29 percent

The unemployment rate in Slovakia fell slightly in October to 13.29 percent, according to Ivan Juráš, the head of the Labour, Social Affairs and the Family Centre (ÚPSVaR) on November 21, as reported by the TASR newswire. "There's been a certain amount of stabilisation. The growth in unemployment has now stopped and we've even registered a slight drop of 0.08 percentage points [month-on-month]," Juráš said, as quoted by TASR.

The unemployment rate in Slovakia fell slightly in October to 13.29 percent, according to Ivan Juráš, the head of the Labour, Social Affairs and the Family Centre (ÚPSVaR) on November 21, as reported by the TASR newswire.

"There's been a certain amount of stabilisation. The growth in unemployment has now stopped and we've even registered a slight drop of 0.08 percentage points [month-on-month]," Juráš said, as quoted by TASR.

The number of unemployed registered at job centres reached 390,125 in October, 2,007 less than September. If the unemployment had been calculated based on the overall number of jobless persons (including people who are not immediately available for work such as those on sick-leave or living abroad), it would have been 14.62 percent, 0.02 percentage points less month-on-month. Juráš said various new companies and production expansions contributed to the positive trend.

Poštová Banka analyst Eva Sadovská told TASR that Slovakia cannot look forward to the arrival of better times while Volksbank Slovensko analyst Vladimír Vaňo stated that companies are now better prepared for deterioration in the Slovak economy than they were at the end of 2008.

"After the recession in 2009 and an unemployment hike from 7.36 percent in August 2008 to more than 12 percent in the summer of 2009, it can be expected that the weakening of economic activity at the end of this year won't necessarily lead to such a significant worsening of the situation on the labour market [as seen last time]," Vaňo said.

Ľuboš Sirota of the Trenkwalder recruitment agency also thinks that redundancies are in the cards, pointing to the fact that Slovakia is now attempting to hold on to existing investors rather than trying to attract new ones. He said it is utopian to believe there will be a significant increase in vacancies, meaning that people who lose their jobs will finds themselves in an especially difficult situation.

Source: TASR

Compiled by Zuzana Vilikovská from press reports
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