Czech unemployment hits two-year low of 8.1% in June 2011.

By bne IntelliNews July 13, 2011
The Czech unemployment rate hit a two-year low of 8.1% in June 2011, the labour ministry said. The rate matched market expectations and was lower than the 8.2% registered in May. The jobless rate was 8.5% in June 2010. The number of job vacancies increased, for a fifth month in a row, by 767 in the month and by 5,489 on the year to 38,416. At the same time, the number of jobseekers registered at the employment offices decreased by 4.5% y/y and by 2.3% m/m to 478,775 people. Thus, there were 12.5 jobseekers per vacancy, down from 13 a month ago. IntelliNews comment : The jobless rate has been declining steadily since the beginning of the year supported by the reviving industry sector. Rising foreign demand is the main growth driver of the Czech economic expansion. However, the governments austerity measures are expected to slow the economic growth in the next months. The labour ministry expects the number of unemployed in the country to slightly increase as university graduates and people returning from seasonal work are to enter the market.

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