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Employment rose, but salaries dropped in May

EMPLOYMENT continued to rise in Slovakia in May, posting an increase of 0.4 percent month-on-month and growing at a level of 2.3 percent year-on-year, wrote Slovak central bank (NBS) analysts, the TASR newswire reported on July 14.

(Source: SME)

“Favourable developments on the labour market continued in May of this year, with the growth in employment aided mainly by services and also by industry to a certain extent,” the analysts wrote, as quoted by TASR.

They added that the service sector saw growth in selected market services, particularly in real estate-related activities, advertising and market research, rental and leasing services. Employment was also up in the area of job agencies, also part of the selected market services sector.

Conversely, the construction sector has not bounced back yet as concerns employment, according to the report.

“Favourable developments in employment [in general] along with slightly improved expectations concerning employment from opinion polls indicate that employment [was] growing in the second quarter of the year and has slightly accelerated when compared with the beginning of the year,” the report reads, as quoted by TASR. Current developments are in line with NBS predictions, it added.

Conversely, May saw a monthly drop of 0.6 percent and an annual drop of 0.7 percent when it came to the average salary.

“May saw another deceleration in its growth,” the NBS wrote, as quoted by TASR. “This was mainly due to industry, but also due to considerably slow growth in salaries in other sectors.”

As concerns salary growth, the category is topped by the construction sector.

“In services, salaries in accommodation, transport and warehousing have been on a more significant rise,” stated the analysts, adding that this in turn can be ascribed to the minimum wage and/or higher labour expenditures of hauliers transporting goods to Germany.

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