Today, the Labor Office will report on the development of unemployment in December

Updates: 10.01.2022 00:08

Prague – The Labor Office will publish data on unemployment for last December today. According to analysts contacted by the Czech News Agency, the unemployment rate rose slightly to 3.4 to 3.5 percent in the last month of last year, from 3.3 percent in November. They said that the increase was due to a slowdown in seasonal work and the end of fixed-term employment contracts, but still said that the supply of jobs on the market remained higher than the number of job seekers.

“The unemployment rate could jump to 3.5 percent in December due to the usual seasonality. Overall, however, the labor market remains tense, when the excess of vacancies over applicants remains significant,” said Raiffeisenbank chief economist Helena Horská. Radomír Jáč, chief economist of Generali Investments CEE, and Michal Brožka, an analyst at Komerční banka, expect the same increase in December unemployment.

Jáč said that seasonal factors affect not only the end, but also the beginning of the year, and push unemployment to a temporary month-on-month increase. On the other hand, according to him, the continuing growth of the Czech economy and the demand for employees from companies that goes across the economy have a positive effect on the labor market.

According to UniCredit Bank analyst Patrik Rožumberský, unemployment rose in December from only one tenth of a percentage point to 3.4 percent. “The number of unemployed will probably increase by 10,000 to 11,000, which would be the lowest December increase in history. The reason for the low increase in unemployment in December is labor market tensions, which lead to a reduction in redundancies,” said the analyst.

In November, unemployment fell by a tenth of a point to 3.3 percent month-on-month, the last time it was lower at the beginning of the coronavirus epidemic in March 2020. According to analysts, the decline in unemployment was positively affected by

Source: České noviny – hlavní události by

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