Czech unemployment rate rises to record-high of 8.6% in Jan 2014, meets expectations

By bne IntelliNews February 10, 2014

The unemployment rate in the Czech Republic increased to a record-high of 8.6% in January 2014 from 8.2% the month before, in line with market expectations, data from the labour ministry showed. In annual terms the jobless rate was higher by 0.6pps. The indicator shows the share of jobless people aged between 15 and 64 and immediately able to start work versus all working people in the same demographic group.

Unemployment among women edged up to 8.2% in January from 8% in December and among men it increased to 9% from 8.3%.

The number of jobseekers stood at 629,274 as of end-January, up by 32,441 from at end-December and by 43,465 higher than in the same month of 2013. The number of available job seekers, showing how many people registered as unemployed by labour offices are able to start work shortly, in the 15-64 age group, stood at 614,223, up from 582,457 in the previous month.

Job vacancies in the first month of 2014 increased by 1,216 on the month to 36,394 and were higher by 2,600 on the year. Thus, there were 17.3 jobseekers per vacancy, up from 17 in December.

IntelliNews comment: The unemployment rate in the country of 10.5mn averaged 7.7% in 2013. The record-high January figure reflects the fact that despite signs the economy is starting to recover employers remain wary of hiring new staff and so far rely on existing capacity to meet new orders. But the start of seasonal work, mainly in the construction and agriculture, and the gradually recovering economy should bring an improvement on the labour market later this year. The Czech economy exited a record-long recession in mid-2013 and recent indicators such as rising industrial production, new orders, exports and retail sales show that recovery is on track but it will take a while until it affects positively the labour market.

Related Articles

Hungarian PM's "proxy" moves into the nuclear industry as Paks tenders approach

Firms controlled by Hungarian oligarch Lorinc Meszaros have purchased a 51% stake in the Hungarian subsidiary of Czech nuclear ... more

Czech PM accepts new nominee for finance minister

Reducing the political tension in the country a little, Czech Prime Minister Bohuslav Sobotka accepted on May 17 the nomination of a new finance minister from coalition partner Ano. Meanwhile, ... more

RBI doubles net profit y/y in Q1 as Russian business recovers

Raiffeisen Bank International (RBI), the second largest bank operating across Central and Eastern Europe by assets, reported that net profit almost doubled year-on-year to €220mn in the first ... more

Register here to continue reading this article and 2 more for free or purchase 12 months full website access including the bne Magazine for just $119/year.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

To continue viewing our content you need to complete the registration process.

Please look for an email that was sent to with the subject line "Confirmation bne IntelliNews access". This email will have instructions on how to complete registration process. Please check in your "Junk" folder in case this communication was misdirected in your email system.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

If you have any questions please contact us at sales@intellinews.com

Subscribe to bne IntelliNews website and magazine

Subscribe to bne IntelliNews website and monthly magazine, the leading source of business, economic and financial news and commentary in emerging markets.

Your subscription includes:
  • Full access to the bne content daily news and features on the website
  • Newsletters direct to your mailbox
  • Print and digital subscription to the monthly bne magazine
  • Digital subscription to the weekly bne newspaper

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

bne IntelliNews
$119 per year

All prices are in US dollars net of applicable taxes.

If you have any questions please contact us at sales@intellinews.com

Register for free to read bne IntelliNews Magazine. You'll receive a free digital subscription.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

IntelliNews Pro offers daily news updates delivered to your inbox and in-depth data reports.
Get the emerging markets newswire that financial professionals trust.

"No day starts for my team without IntelliNews Pro" — UBS

Thank-you for requesting an IntelliNews Pro trial. Our team will be in contact with you shortly.

Dismiss