According to data published on Friday the unemployment rate recorded a marginal seasonal increase from 14.8% in November to 14.9% last month.
Our view: This is basically in-line with our 14.8-14.9% estimate and also a visibly stronger result than in previous years in December. The lower than usual rise was due on the one hand to the continued upbeat activity in the manufacturing sector and, more importantly, the favorable weather conditions, which we believe delayed seasonal layoffs in the construction sector.