Cyprus unemployment rises less quickly in March

Unemployment rose less quickly in March than in previous months, according to the latest figures from the Statistical Service.
The number of unemployed registered at the District Labour Offices on the last day of March 2010 rose by 44.8% or 7,530 persons over the year earlier to reach 24,336, compared with an increase of 46.2% in February and 49.8% in March.
The Statistical Service does not publish an unemployment rate but according to Labour Force Survey figures (which are gathered using different methodology), the unemployment rate in the fourth quarter of 2009 was 6%.
Despite the slightly positive news, based on seasonally adjusted data, unemployment continued its upward trend, recording an increase of 8.2% to 22,533 compared with the previous month.
The main increases over March 2009 have been public administration (an increase of 1,886), construction (1,392), retail and wholesale trade (1,176), hotels and restaurants (837), manufacturing (578), and real estate and business activities (540).
There was also an increase of 332 in the number of newcomers to the labour market.

Fiona Mullen