Actual: 7,7 % (Mar) Consensus: 7,6 % Previous: 7,4 % (Feb) Unemployment increased significantly in March despite favorable seasonal effects. The s.a. figure is up by 0,5 pp and number of vacancies keep falling. These negative trends on labor market are driven by shrinking production and heavy pressure on cost cutting. As the recession advances, outlook for unemployment remains negative. We expect the unemployment rate to get above 9 pct in early 2010.