The share of unemployed people stagnated in August at 2.7% after hitting the current historic low of 2.6% in June and May. The slight increase during summer months is typical as graduates and employees from the education sector enter the labour force. This means the unemployment rate could slightly decrease in the coming months, but this will probably be its lowest value.
Given the slowdown in the global economy, we assume the unemployment rate will bottom out this year. Indeed, industrial companies with more than 50 employees are reporting a decline in employment in recent months.
Credit: ING