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Seasonal Work Contributes to Short-term Decline in Joblessness

Bratislava, September 20 (TASR) - Seasonal works, according to analysts, contributed to unemployment easing in August. "Unemployment benefited from seasonal works as typical in the summer and have offset the lay-offs in companies," said Postova Banka analyst Eva Sadovska on Monday.

Analysts described the August drop in Slovak unemployment to 12.19 percent from 12.33 percent a month earlier as 'gradual', and say that the drop in unemployment is expected to continue in the coming months as part of Slovakia's economic recovery. "But we don't expect the registered jobless rate to fall markedly below 12 percent by year-end," she said.

Slovenska Sporitelna analyst Michal Musak notes corporate wariness in respect of further economic developments in Europe. "The most important medium-term hope for the Slovak labour market is whether and to what extent as many sectors as possible exploit their stronger competitive advantage gained from euro adoption," said Volksbank analyst Vladimir Vano.

Given that the Slovak economy is intertwined with Germany's, Unicredit Bank analyst David Derenik warns of uncertainty flowing from that country and possible second deceleration at the end of the year. "Firms are stepping into the labour market warily and after the first wave of industry hiring in the first half of 2010 they are once again biding their time. Key in the months ahead will be developments in new industry orders.

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