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Dr Lizardo7/12/2018 1:05:11 am PDT

Unemployment is at a 22-year low here in the Czech Republic. Courtesy of Google Translate:

“The labor market broke further records in June,” said Pavel Sobisek, analyst at UniCredit Bank, but the month-on-month decrease in the number of unemployed by 6,000 was the lowest for June in ten years, indicating a limited potential for further downgrading. not the weakening of demand, which, on the contrary, remains enormous. The number of vacancies exceeded 300,000 in June, which is also a record value.

There is 0.74 job vacancies per vacancy, which is also a new historical minimum, Raiffeisenbank analyst Milan Frydrych added. With the advent of summer seasonal factors are in full force. They will survive until the autumn months when the unemployment rate, according to its estimate, will keep below the three-percent threshold. In July, the drop in unemployment should give a pause as new graduates arrive on the labor market and will have a while to find a job. For this year, he estimated the average rate of unemployment to 3.2 percent.

However, there are warning signs on the horizon:

The tense situation on the labor market is the main barrier to further expansion of industrial production in the Czech Republic, Cyrrusu analyst Lukáš Kovanda agreed. The Czech labor market has a record number of jobs. But the vast majority of them do not need maturity. “Over the last year, more than one thousand jobs have been created, which do not require graduation, but only about 7500 graduate students. This also shows that the Czech labor market is significantly overheated, and it is clearly dominated by jobs with relatively low qualifications. This is not desirable in terms of medium and long-term development of the Czech economy, “he said.

Czech original here: irozhlas.cz