Actual (Oct): 7.9 %
Consensus: 8.0 %
Previous (Sep): 8.0 %
The unemployment rate has slightly decreased in October. In autumn seasonal factors are favorable; in the past years they brought even more significant decrease in unemployment. However, the economy is currently losing momentum and it seems that this has started to weigh on the labor market and prevented unemployment from decreasing lower.
Flows on the labor market have slowed down. Layoffs and hiring were lower than in the previous month. Number of vacancies has dropped for a second month. Moreover, we can see a month-on-month decrease of employment in industry, which suggests that job creation, and thus room for further decrease of unemployment, has shrunk. November figures can still be quite good; then we expect the unemployment rate to bounce back above 8 pct.