Cyprus unemployment climbs again in October

Unemployment rose again in Cyprus in October, having risen for the first time in 17 months in September.
The number of unemployed people registered at the District Labour Offices on the last day of October 2008 reached 9,983, compared with 9,871 in October 2007.
The main increase was in wholesale and retail trade, which saw an increase of 124 people. However, there was also a small increase in unemployment in the real estate and business sector as well as finance and transport and communications.
By contrast, a fall was recorded in unemployment among public sector workers.
Although these figures are small, with a low unemployment rate they have a bigger impact.
The unemployment rate according to Labour Force Survey definitions was 3.1% in the second quarter.
Compared with the previous month, a decrease of 336 was recorded.
The decrease was mainly recorded in the sectors of public administration and education.

Fiona Mullen

www.sapientaeconomics.com