Jobless rate keeps growing

It will probably not return to the level of 2019’s end earlier than four to five years.

Illustrative stock photoIllustrative stock photo (Source: TASR)

The unemployment rate, driven by the COVID-19 pandemic, keeps increasing in Slovakia while analysts expect the growth to reach its peak only in autumn.

“After a surprisingly strong increase in April, the growth of the jobless rate slowed down in May,” Ľubomír Koršňák, analyst with UniCredit Bank Czech Republic and Slovakia, wrote in his memo.

Related articleIncrease in unemployment rate is worse than during financial crisis Read more 

May’s registered unemployment, i.e. the rate of those job seekers able to take a job immediately, amounted to 7.2 percent or 219,159, up by 0.63 percentage points or 19,504 people month-on-month and by 2.32 p.p. or 64,000 people year-on-year, according to data published by the Labour, Social Affairs and the Family Centre (ÚPSVR) on June 19.

“Compared to April, the sleepy labour market resumed, but only slightly,” said Koršňák, adding that May brought better numbers in inflow as well as outflow of job seekers from job offices compared with April.

All regions reported monthly growth in unemployment in May, when the jobless rate increased more dynamically in the poorer regions of eastern and southern Slovakia than in the better-off western Slovakia.

Gloomy outlook

The rest of this article is premium content at Spectator.sk
Subscribe now for full access

I already have subscription - Sign in

Subscription provides you with:
  • Immediate access to all locked articles (premium content) on Spectator.sk
  • Special weekly news summary + an audio recording with a weekly news summary to listen to at your convenience (received on a weekly basis directly to your e-mail)
  • PDF version of the latest issue of our newspaper, The Slovak Spectator, emailed directly to you
  • Access to all premium content on Sme.sk and Korzar.sk

Top stories

Actor Noël Czuczor portrays Alfréd Wetzler in "The Auschwitz Report".

The Allies knew about Auschwitz atrocities, but they bombed the Bratislava refinery instead

A report about the atrocities written by two Slovaks who escaped the camp was ignored for weeks and months.


13. okt
Children flying kites in Žilina.

Weekend: Short stories about 'unicorns' win a prize

Philip Morris has opened an interactive laboratory in Banská Bystrica, and private radio stations will say goodbye to Slovak music.


15. okt
Cyclists and scooter riders wave their way on Obchodná Street.

How to cycle in the centre of Bratislava

Obchodná Street is one problematic stretch for cyclists in the capital.


14. okt
The Christmas market on Main Square.

In spite of pandemic, Bratislava is preparing for Christmas markets

But there won't be an ice rink in Hviezdoslavovo Square this year.


15. okt
Skryť Close ad