Cyprus: June sees first seasonally adjusted drop in unemployment

Unemployment dropped on a seasonally adjusted basis for the first time in 11 months in June, dropping to 35,669 persons compared with 36,001 in the previous month.
Seasonally adjusted unemployment has risen in only six of the 42 months since the beginning of 2009.
In absolute numbers, however, the numbers are still rising, with registered unemployment rising by by 7,113 or 26.2% compared with the year earlier to reach 34,215 at the end of June.
The main increases were in wholesale and retail trade (an increase of 1,558), manufacturing (1,119), public administration (690) and accommodation and food service activities (576).
The number of newcomers to the labour market rose by 219.
Eurostat reported the unemployment rate at 10.8% in May.
www.sapientaeconomics.com