Actual (Apr): 9,2 %
Consensus: 9,5 %
Previous (Mar): 9,7 %
April unemployment release brought evidence that Czech labor market is probably recovering faster than expected. The seasonally-adjusted unemployment is roughly equal to the headline figure, which shows that the improvement is not only caused by short-term factors. Number of layoffs has decreased and vacancies have already rebounded from their bottom. The demand for labor is growing thanks to faster recovery of economic activity. Decreasing unemployment gives room for stronger consumer consumption.
In 2010, we expect average unemployment rate at 9,5 pct.