Unemployment rate decreases further in the Czech Republic

The Czech Republic remains the European country with the lowest unemployment rate, according to the latest data from the Czech Statistical Office. The unemployment rate dropped to 2.3% in July. Photo Credit: Pixabay.

Prepared by Berk Büyükbalcı

According to the most recent report from the Czech Statistical Office, the unemployment rate decreased to 2.3% in the Czech Republic in July, reaching a new low for the 21st Century.

The unemployment rate has decreased to 2.3%, maintaining the Czech Republic’s position as the country with the lowest unemployment rate in Europe. Latest data shows that year-on-year, the unemployment rate has dropped by a further 0.5%. The current unemployment rate is the Czech Republic’s lowest of the 21st century so far.

Conditions in the Czech labour market favour job seekers. Companies are ready to offer increased salaries and non-financial benefits such as contributions to sporting activities, longer holidays, or company kindergarten for families.

Employment in the Czech Republic reached a new record at the end of the second quarter of 2018. The seasonally adjusted employment rate in the Czech Republic reached 74.7% in July. According to Štěpán Křeček, Head Economist at BH Securities, the Czech Republic job market has reached the state of full employment. (“ČR dosáhla stavu plné zaměstnanosti. Nezaměstnanost v červenci poklesla na 2,3%”, August 30, 2018) “The employment rate among people aged 15-29, seasonally adjusted, was 48.8%; in the 30-49 age group it reached 87.9%; and in the 50-64 age group it got to 74.8%,” according to the Czech Statistical Office.

Dalibor Holý, Director of the Labour Market and Equal Opportunities Department of the Czech Statistical Office, also sees the situation in the job market optimistically for workers aged 50+. “We can see a positive situation for people over fifty. The employment rate among people aged 50-64 is similar to the total working age employment rate,” said Holý.