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Slovak Unemployment Increases Slightly to 3.92%

The unemployment level in Slovakia increased slightly to 3.92%, the country’s Ministry of Labour, Family and Social Affairs (Ministry) reported.

It is the first increase after a four-month consecutive decrease, and the level is now 0.2 percentage points higher than the 3.90% reported in May. However, it is still at some of the lowest levels in two and a half years, and the ministry pointed out that it is the first time this year that unemployment was below 10% in all of Slovakia’s districts.    

The ministry attributed the slight increase to the higher figure of graduates registered in June – 5,500 persons compared to 2,116 in May. It is a recurring seasonal phenomenon, the ministry noted, and General Director of Labour Office Karol Zimmer pointed out that a similar increase is “expected in September”  comprised of high school graduates.

State Secretary at the Ministry Juraj Kacer added that the increase was “only by 509 more persons” overall. “This means that a number of people, including those who are 50 years and older or long-term unemployed, found a job in June,” Kacer added.    

Matej Belin, an analyst at the Institute of Social Policy, does not expect the unemployment level to drop much further, given it is already at a historically low level. “A sudden end of the conflict in Ukraine or significant change in the world economy” would have to occur for a substantial decrease to take place. 

Source : BNE IntelliNews