Czech unemployment rate steady at 7.6% in Oct, in line with expectations

By bne IntelliNews November 8, 2013

The unemployment rate in the Czech Republic stayed at 7.6% for the second month running in October 2013, in line with market expectations, data from the labour ministry showed. In annual terms, however, the jobless rate was higher by 0.9pps. 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 stayed at 7.8% for the third straight month in October and among men it stood at 7.4%, the same as a month earlier.

The number of jobseekers stood at 556,681 as of end-October, down by 377 from at end-September but by 59,919 higher from the same month of 2012. 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 540,419, down from 541,847 in the previous month.

Job vacancies in the tenth month of 2013 fell by 2,285 on the month and by 1,592 on the year to 39,137. Thus, there were 14.2 jobseekers per vacancy, down from 13.4 in August.

IntelliNews comment: The unemployment rate in the country of 10.5mn has been hovering around 7.5% since February when it hit a record-high of 8.1%. The end of seasonal work, mainly in the construction and agricultural sector, and the fact that employers remain wary of hiring new staff amid the still fragile economy will dampen employment in the next few months. Yet, the gradually recovering economy that exited a record-long recession in Q2 and improved investor confidence should bring an improvement to the labour market as of next year.

The Czech labour market is also suffering from falling wages. Real wages in the country dropped by 0.3% y/y in the second quarter of 2013, following a 2.2% y/y drop in the first three months.

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:

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

Dismiss