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Unemployment continues to fall

THE REGISTERED unemployment rate stood at 12.67 percent in July, down by 0.12 percentage points compared to June. In annual terms, it dropped by 1.32 percentage points, the Central Office of Labour, Social Affairs and Family (ÚPSVaR) reported on August 20.

THE REGISTERED unemployment rate stood at 12.67 percent in July, down by 0.12 percentage points compared to June. In annual terms, it dropped by 1.32 percentage points, the Central Office of Labour, Social Affairs and Family (ÚPSVaR) reported on August 20.

The positive trend in jobless rate was not even affected by the traditional increase in graduates that enter the labour market in summer, market watchers noted.

The labour offices registered together 341,882 people ready to take job immediately in July. This is by 3,131 (or 0.91 percent) less than in previous month, and by 35,541 (or 9.42 percent) less than in July 2013.

The total number of the unemployed was 384,002, or 14.23 percent, in July, down by 823 people (or 0.03 percentage points) compared to June. Compared to last year, the total number of the jobless dropped by 26,886 people (or 0.99 percentage points), ÚPSVaR data showed.

The unemployment dropped in seven regions, with the highest decrease being reported by Banská Bystrica (by 0.31 percentage point month-on-month). On the other hand, the number of jobless rose in Bratislava Region (by 0.17 percentage point m/m).

“It is important that the trend of falling unemployment continues,” said Labour Minister Ján Richter, as quoted by the TASR newswire, adding that this time of the year has its specifics. In September, for example, the number of secondary school graduates who will register with the labour offices will increase. These patterns repeat every year.

Also market analysts say that the drop in the jobless rate has not been stopped by the increasing number of graduates.

“Though the jobless rate has significantly improved compared to last year, when the situation was the worst, the war is still not won,” said Michal Kozub, analyst with Home Credit, as quoted by TASR, adding that the number of jobless is still high and there is room for further improvement. “The generally good trend this year is affected first of all by economic revival.”

UniCredit Bank Czech Republic and Slovakia analyst Ľubomír Koršňák says that the seasonal work should help decrease the joblessness also in August.

Source: ÚPSVaR, TASR

Compiled by Radka Minarechová from press reports

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