Unemployment slightly rose in Czechia in July
At the end of July, 240,706 Czechs were seeking employment through Czech authorities, the Czech Labour Office’s latest data show. This figure is 9,397 more people than the previous month, translating into a rise of 0.2% and a 3.3% unemployment rate. (chart)
When compared to last year this is 31,472 less unemployed Czechs, translating to 0.4% decrease of unemployment in a year-on-year comparison.
Development in the upcoming months will also be dependent on the war in Ukraine, particularly on the “number of newly registered applicants for employment from Ukraine, impact of the energy crisis on the employers or persisting high inflation”, Director of the Labour Office Viktor Najmon told Czech TV.
By the end of July 73,908 Ukrainians worked in Czechia under the temporary asylum scheme.
Since 2018, economy has carried risk of severe balance of payments crisis. For the removal of that risk, the central bank’s net in and off-balance sheet FX position should at least turn positive.
Decline of 6.5% y/y is second worst in EU.
Retail sales rose by 0.9% m/m in October, recouping the losses incurred over the previous three months.
Czech retail sales decreased by 1.4% year on year and increased by 0.6% month on month in October, in the softest monthly drop in a year and a half. The drop in sales eased compared to the 4% y/y drop in September and the 2.8% y/y drop in August.
Despite lapse in demand, firms said to retain positive attitude on 12-month outlook for activity, which remained historically elevated. Inflationary pressures continued to retreat.
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