All analysis from category Macro comment
Macro comment
Unemployment in August: Positive seasonality, negative trend
It's not obvious at first glance, but the labour market situation is slowly changing. It has not been the case for a number of years that the demand for jobs exceeds the number of positions offered by firms, seasonal fluctuations aside. In August, this happened. The unemployed as a share of the population stagnated at 3.8 per cent, rising to 3.9 per cent on a seasonally adjusted basis.
Macro comment
Industry in July: In the drag of a languishing Germany
In recent months, we have enjoyed a return to low inflation. Industrial statistics bring less joy. In July, the volume of industrial production fell by 0.8 per cent month-on-month, down by 1.9 per cent compared with a year earlier. Similarly, new orders and industrial employment also fell.
Macro comment
Retail sales growth accelerated in July
Retail sales rose for the eighth month in a row on a year-on-year basis in July, in line with rising real household incomes this year.
Macro comment
Wages in Q2: Slow recovery from the inflation shock
Inflation has subsided and the real value of wages is rising again. However, the nominal wage growth rate is gradually slowing down. The labour market is no longer overheated and this is also reflected in wage developments. Average gross wages increased by 6.5 per cent year-on-year to CZK 45 854 in Q2 this year. In real terms, average wages rose by 3.9 per cent.
Macro comment
Government budget in August 2024
The government budget showed a deficit of CZK 175.8 billion at the end of August. The deficit decreased by CZK 16.5 billion compared to the end of July. Revenues increased by 2.0% year-on-year, while expenditures rose by 0.4%. The deficit for the last 12 months increased slightly to CZK 269.7 billion.
