The registered unemployment rate rose by 0.3pps m/m to 6.4% in January, the employment agency reported. On annual basis, the rate still went down by 0.8pps. The monthly increase was on the back of the traditional lower economic activity for the season, the agency said. Overall, the unemployment rate remains at stable low levels and we expect it to renew its m/m decreases as of Q2 and Q3 with the start of the seasonal employment. The labou tightening trend on the local market remains persistent, which exerts a steady wage-related and investment-related pressure on local business, in our view.
The number of registered unemployed people in January fell by 11.8% y/y to 209,308 in total, which was the lowest number for that month since the beginning of this statistical measurement in 2004, the employment agency pointed out. The newly registered unemployed people during the month amounted to 32,756, out of which 1,861 were inactive in the past years. The number of people who found new jobs in January was 17,681.
The announced vacancies on the primary labor market amounted to 13,859 in January, 73.8% of which were in the private sector. The highest share of vacancies were posted by the manufacturing industry, public administration, retail, tourism and construction sectors. In terms of professions, labor demand was the highest for employees providing services, workers in the mining and manufacturing industries, construction and transport workers, tourism employees, food production workers.