Actual (Feb): 9.6 % Conesensus: 9.7 % Previous (Jan): 9.7 % Unemployment rate decreased in February, the figure is slightly better than estimates. Layoffs were not very strong in February; on the other hand also the number of hired people was quite low and the number of vacancies was only a touch better compared with the previous month. The seasonal factors are negative in February. Moreover, this year temperatures were constantly low, which is a problem for construction sector. The overall assessment of the February report is therefore rather positive although the unemployment rate remains elevated. We expect further improvement during spring, when the figure might get below the 9 pct mark.