Bulgaria: Unemployment rate reaches lowest level since Feb 2009

The registered unemployment rate decreased m/m for a sixth month in a row to reach 6.7% in July, the employment agency reported. This represented a 1.5pps y/y decrease. The registered unemployment rate reached its lowest level since Feb 2009. The number of registered unemployed people fell by 17.6% y/y to 220,884. A total of 18,300 unemployed started new job throughout the month, the majority of them on the primary labour market. Some 2,272 unemployed were included in subsidised activity.

Vacancies on the primary market amounted to 15,698 during the month, 60.3% of which were offered by the private business. Vacancies increase by 2.9% y/y. Most of the vacancies were announced by the manufacturing sector, retail trade, administrative activities, education, construction and tourism. Teachers, shop assistants, manufacturing workers, machine and facilities operators were among the most demanded specialists.

We think that the registered unemployment rate could still fall slightly in August and September in view of the ongoing summer season. However, it might rise again once the seasonal activity comes to an end as of October, in our view.


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