Cyprus Mail

November unemployment figures the lowest in nearly 10 years

Unemployment is expected to reach 9 per cent

Unemployment figures are at the lowest level since February 2010, the statistical service announced on Wednesday.

According to a press release, based on the seasonally adjusted data that show the trend of unemployment, the number of registered unemployed for November 2019 decreased to 20,860 persons in comparison to 21,233 in the previous month.

The highest number for November in recent years was recorded in 2013, when the number after seasonal adjustment was 48,381.

In comparison with November last year, a decrease of 4,019 persons or 14.1 per cent was recorded, attributed mainly to the trade sector, a decrease of 676, construction (-596), public administration (-467), accommodation and food service activities (-331), manufacturing (-255), and transportation and storage (-200).

Over the course of a year, the size of the labour force, the levels of employment and unemployment, and other measures of labour market activity undergo fluctuations due to seasonal events including changes in weather, harvests, major holidays and school schedules.

Because these seasonal events follow a more or less regular pattern each year, their influence on statistical trends can be eliminated by seasonally adjusting the statistics from month to month.

These seasonal adjustments make it easier to observe the cyclical, underlying trend, and other nonseasonal movements in the series.

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