BRATISLAVA, August 19, (WEBNOVINY) — The Central Office for Labor, Social Affairs and Family registered 386,307 jobseekers in July of this year, up 0.87 percent month-on-month. The registered unemployment rate in July reached 13.15 percent, which was a m/m increase of 0.17 percentage points. The average duration of registration represented 13.94 months, which is an increase by 0.02 months.
As many as 24,115 people were removed from the register in the monitored period. A better portion of them found jobs, started their own business, left abroad, or stopped cooperating with the respective labor office, the Central Labor Office added. In July, mostly school graduates registered with labor offices. Labor Offices listed 26,440 graduates out of work in the seventh month. Also, people returning from abroad, support staff and unqualified manual workers increased the numbers of jobless people.
Nearly a half of all jobseekers are long-term unemployed. In July, the outflow of unemployment in this group continued. In May, long-term jobless people represented 48.6 percent, in June 48.2 percent, and in July it was 47.7 percent, the ministry added. Employment of this group was influenced in particular by seasonal works.
As UniCredit bank analyst David Derenik pointed out, after adjustment to seasonal influences, the increase in unemployment rate is even higher, as in the past, unemployment used to decrease around this time. “Following the decline in industrial output in Slovakia and Germany in June, statistical data on July unemployment is a second sign suggesting a considerable slowdown of the economy in the second half of the year,” Derenik commented. “A 0.2-percentage point increase in the joblessness rate is no longer caused by just graduates, while pessimistic indicators are already spreading into the real economy. Further growth of the unemployment rate cannot be ruled out,” the analyst warned.
Potential return of people working abroad, if expectations regarding industrial downturn in countries of our trading partners are fulfilled, may further increase the numbers of people out of work. Moreover, September inflow of school graduates will add to the numbers, too. On the other hand, the joblessness rate could be positively affected in particular by carmakers and producers of consumer electronics, who have announced hiring until the end of this year.
SITA