There are fewer and fewer unemployed with the number of unemployed in June falling to 370,800 and the unemployment rate declining to 6.3% from 6.4% in May. Labor market developments in June have been in line with expectations. The number of unemployed continues its rapid decline mainly due to the dynamics of the economy, which are very positive. This has created job opportunities at a higher rate than job seekers are able to fill them – thus, translating into an increasing number of vacancies. While we expect another overall decline in the unemployment rate by the end of the year, it should show a temporary increase over the next few months due to the new graduates pouring onto the labor market.