Finding work is easier, the number of smaller jobs is rising
Therefore, finding a job becomes easier, with an average of 1.5 vacancies per unemployed person. "The slowdown in the economy we are starting to see is not yet reflected in the labor market. The Czech Republic does not have to worry about losing its leading position with regard to the lowest unemployment rate in the EU," Junick says.
According to ING Bank's chief economist Jakub Seidler Lack of workers encourages companies to look for alternatives, which is reflected in a higher short-term job offer. According to the CZSO, the number of workers who worked in less hours in the second quarter of this year increased by 20 thousand from year to year. They are usually 65 or younger in the 25-29 age group.
"Overheating the labor market brings some changes in the labor market as the shorter working hours were not used too much in the Czech Republic. Despite this increase, however, the Czech Republic, according to the CZSO, continues to remain among the quarter of its countries EU with the lowest percentage of people working part-time, "explains Seidler.
Depending on the weather, November's value may remain at similar levels, according to analysts, but with the arrival of the winter months and the end of seasonal labor, it will start rising slightly again. And they go down, but for autumn they will reach 3.2 percent, a drop by a full percentage point compared to last year.
"Next year there will be room for further reduction in unemployment, the CNB expects a 3% reduction by the Ministry of Finance to 2.8%, assuming that steady wage growth may prompt some people to move from the gray economy to full employment, "adds Seidler.