The registered unemployment rate rose by 0.2pps m/m and 1.0pps y/y to 8.3% in June, according to data from the Labor Exchange. The number of registered unemployed went up by 2,900 m/m and 14,300 y/y to 143,100. The m/m increase in registered unemployment was rather not expected given that seasonal hiring in summer months usually leads to falling unemployment. Hence, the labor market continues to deteriorate and labor market conditions are even becoming less favorable even in the summer months, if we judge by these statistics. Still, we should note that immigration data is likely not properly accounted for in labor market statistics and given the recent positive trend in immigration, the labor market is likely in much better shape than reported which is also evident from the relatively positive data on private consumption.