Slovakia Oct jobless rate eases from 6.5-year high in Sept.

By bne IntelliNews November 22, 2011
Slovakia's unemployment rate in October slipped to 13.29% from 13.37% in September, when it reached its highest level since January 2005, data from the Centre for Labour, Social Affairs and Family showed. On an annual basis, the jobless rate rose by one percentage point. The number of unemployed Slovaks ready to take up a job immediately fell to 354,643 last month from 356,650 in September. The inflow of jobseekers in October alone was 30,066, down 28.2% from September, when a number of new school graduates entered the labour market. IntelliNews comment : The unemployment is one of the most serious problems in Slovakia. The country has been suffering from high jobless rates since the global economic crisis hit it at the end of 2008. Layoffs at the public administration as part of the governments austerity measures also deteriorated the labour market. The high unemployment affects negatively household consumption and hence the economic growth, which is further hit by dampened demand on Slovakias main export markets. The weakening of the economic activity at the end of the year and the expected slowdown next year threaten to boost Slovak unemployment even higher.

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