Registered employment growth edged up from 3.4% y/y in February to 3.5% y/y in March, according to figures of the statistical office, published on Wednesday. Non-farm payrolls increased by 3.3%, up by 0.1pps m/m. As previously argued, non-farm employment has been growing for nearly three years now, driven by solid economic activity and labor competitiveness. Corporate employment growth continued to accelerate to 3.8% y/y, also signaling for robust growth and marking its second highest growth rate since this data series has been maintained (January 2009).
The number of the self-employed also continued to increase and rose by 4.3% y/y, up by 0.2pps m/m. The acceleration was largely broad-based. The growth in the number of farmers picked up to 14.6% y/y, consistent with our expectations and driven by the start of seasonal demand. However, as we have previously argued, this category is often abused as it has the least requirements for registering as self-employed and thus it might be the case that in reality it includes a number of other professions, not related with agricultural work.
Registered unemployment saw its decline decelerate slightly to 14.7% y/y, amid a slight expansion of the labor force. This marked the 45th consecutive month with decline of unemployment. The registered unemployment rate dropped further down to 8.6, down by 0.5pps m/m and by 1.6pps y/y. Looking forward, we expect that favorable developments at the labor market should continue this year, underpinned by strong growth and labor demand.