Employment growth may slow in second half of 2014

THE UNEMPLOYEMENT rate in Slovakia stood at 12.56 percent in August, representing a drop by 1.14 percentage points year-on-year and a reduction by 0.11 p.p. in monthly terms, the Labour, Social Affairs and the Family Centre (ÚPSVaR) announced on September 22.

THE UNEMPLOYEMENT rate in Slovakia stood at 12.56 percent in August, representing a drop by 1.14 percentage points year-on-year and a reduction by 0.11 p.p. in monthly terms, the Labour, Social Affairs and the Family Centre (ÚPSVaR) announced on September 22.

The number of unemployed people who were registered with job centres and immediately available to start work stood at 338,825 in August. This figure went down by 30,811 y/y and by 3,057 in monthly terms, the TASR newswire reported.

When all jobseekers including those who were not immediately available to work are taken into account, the unemployment rate in August reached 14.11 percent, which represented a decrease of 0.79 p.p. y/y and 0.12 p.p. on a monthly basis.

The trend of declining unemployment continues, with 14,320 people finding jobs in August, said Labour Minister Ján Richter, adding that September poses some challenges because school-leavers will be added to the ranks of those listed as unemployed.

“We don’t have high expectations, but as long as we maintain the current percentage of unemployed, the positive trend could continue,” Richter said, as quoted by TASR.

The unemployment rate could drop to 12 percent by the end of this year, according to the personnel consultancy firm McRoy. The company also pointed to potential risks that could reverse recent positive developments in the labour market, such as the crisis in Ukraine and the related economic sanctions. As for next year, the influence of the increase in the minimum wage on the jobless rate will also be important.

(Source: TASR)

Compiled by Roman Cuprik from press reports
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