Registered unemployment rate:
Actual (Aug): 8.6 %
Consensus: 8.7 %
Previous: 8.7 %
Unemployment slightly decreased in August, which is better result than expected. Number of vacancies picked up after stagnation earlier in the year. This points to improvement of the Czech labor market that is already in better shape than it was in the first half of the year. The economic activity is increasing thanks mainly to foreign demand and restocking. Positive reaction of labor market is somewhat faster than expected.
Number of unemployed graduates and school leavers is elevated but it is expected seasonal effect that should wane in autumn. We expect the unemployment rate to go lower in the next few months. However, another temporary increase should come due to seasonality at the end of the year.