Number of registered unemployed drops by 8.5% y/y to 659,698 in Serbia

The number of registered unemployed people fell by 8.5% y/y to 659,698 in May, according to a report of the National Employment Service (NSZ). On the other hand, the number of newly registered jobless people rose by 0.8% y/y to 31,301 and was up by 13.0% m/m. Out of the total number of unemployed, 68.6% were without a job for more than a year and their number dropped by 1.7% m/m. The number of unemployed youths was down by 5.0% in monthly terms. Job vacancies increased by 21.5% y/y to 9,070.

The LFS-based unemployment rate rose by 1.6pps q/q to 14.6% in Q1 but was down compared to 19.0% in the same quarter a year ago, according to LFS data released by the Serbian statistical office. Head of the NSZ Zoran Martinovic has downplayed concerns about the increase of the unemployment rate in Q1 saying that the rate is usually higher at the beginning of the year. He noted that the current number of registered unemployed people is the lowest in the past 20 years. Martinovic voiced expectation that seasonal jobs and active measures to support employment will help reduce the unemployment rate to 13%.

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