Slovakia's jobless rate edges down to 13.66% in October 2013

By bne IntelliNews November 21, 2013

Slovakia's unemployment rate edged down to 13.66% in October 2013 from 13.84% in September, data from the Centre for Labour, Social Affairs and Family showed. In October 2012 the jobless rate stood at 13.69%.

The number of unemployed Slovaks ready to take up a job immediately decreased to 368,647 in October from 373,396 in the previous month.

IntelliNews comment: Slovakia’s unemployment rate remains one of the highest in Europe. The Organisation for Economic Cooperation and Development (OECD) said earlier in November that the persistently high unemployment may weigh on the country’s economic recovery. High jobless rates have troubled the nation of 5.4 million since the global economic crisis hit its export-driven economy, fuelled by auto and electronics production, at the end of 2008. Before that, unemployment hit a record low of 7.36% in August 2008.

We expect that the Slovak unemployment rate to stay high this year, as the country’s economic growth is sluggish, hit by subdued external demand and austerity measures, and does not provide for the creation of new jobs.

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