All analysis from category Macro comment
Macro comment
Unemployment in May: seasonal decline in unemployment
The share of unemployed persons in the 15-64 population fell by 0.1 percentage point to 3.5% in March. It is 0.3 percentage point higher year-on-year. 254 thousand jobseekers were registered at the labour offices. After seasonal adjustment, we estimate that the jobless rate stagnated at 3.6%, or that the decline in unemployment is due purely to seasonal factors, not to developments in the economy.
Macro comment
Retail sales in April: falling sales and uncertain outlook
Retail sales in April were down year-on-year for a year in a row. Sales declines are recorded in most product groups and an improvement is likely to occur next year at the earliest.
Macro comment
Foreign trade in April: in surplus again
The balance of foreign trade ended in a surplus of CZK 8.4 billion in April, a year-on-year improvement of CZK 36.6 billion. So far this year, foreign trade is in surplus in every month - a stark contrast to 2022.
Macro comment
Industry in April: no forward movement
Industrial production declined month-on-month in April, and the number of sectors showing a decline is still increasing. As in previous months, this decline was partly held back by developments in the automotive sector.
Macro comment
Wages in Q1 2023: 6 years back in real terms
The pace of wage growth is accelerating, but the real value of average wages is still falling. Inflation is of course to blame. In Q1, the average wage increased by 8.6 percent year-on-year to CZK 41,265. This is the highest increase in the last five years, if we ignore the peak of the pandemic, when health workers received extraordinary bonuses. In real terms, however, average wages fell for the sixth quarter in a row, this time by 6.7 per cent.
