BUSINESS

Cyprus joblessness shrinks in July, month-on-month

TAGS: Cyprus, Employment

Unemployment in Cyprus fell slightly in July from the previous month, according to statistics from Cystat.

The number of registered unemployed for July 2020 decreased to 33,082 in comparison to 33,243 in the previous month, based on the seasonally adjusted data that show the trend of unemployment.

Without seasonal adjustment, the number of unemployed people registered at the District Labor Offices on the last day of July 2020 reached 32,313.

This continues the downward trend: The number of registered unemployed for June 2020 decreased to 33,538 in comparison to 33,797 in the previous month.

The number of unemployed people first shot up in April, from March, at the beginning of the pandemic crisis and lockdown.

In April, the number of unemployed people jumped to 31,576 from 22,692 in March using seasonally adjusted data.

But Cyprus has not experienced the kind of massive lob losses seen in the US or the UK.

The unemployment rate is currently at a relatively high rate of 9.8 percent according to Eurostat statistics (it is over 10 percent for women).

State subsidies to cover part of employees’ wages at distressed businesses are currently supporting many jobs.

But these are due to expire on October 31 (extended from October 1) and there are concerns that employers will begin a wave of firings when the notice period for termination ends at the beginning of December.

In comparison with July 2019, an increase of 11,731 persons or 57 percent was recorded.

[Cyprus-mail.com]

Online