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Registered unemployed jumps 34.6%

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Cyprus registered unemployed spiked 34% year on year in November reaching 32,968 with seasonally adjusted data showing a downward trend compared with October.

According to government data, due the economy-crippling coronavirus pandemic registered unemployed in November surged by 8,473 or by 34.6% from a year ago.

The rise is mainly associated with the sector of trade, where unemployed persons rose by 2,142, professional, scientific and technical activities (+747), construction (+690), manufacturing (+629), education (+611) and for newcomers to the labour market, the increase was 866.

Compared with the previous month, the number of unemployed marked an increase of 1,481 marking a slower annual increase of 4.7%.

Based on the seasonally adjusted data that show the trend of unemployment, the number of registered unemployed for November decreased to 31,285 from 34,997 in October.

In October, Cyprus unemployment reached 10.5% (or 48 000 individuals,10.5% men and 10.6% women) up from 9.3% in October 2019 (29,000).

Youth unemployment in Cyprus was 21.4% in September 2020 (latest available quarterly data, 8000 individuals), up from 15.2% or 6,000 in 2019.

In October, the euro area seasonally-adjusted unemployment rate was 8.4%, down from 8.5% in September and up from 7.4% in October 2019, according to Eurostat.

The EU unemployment rate was 7.6% in October, stable compared with September and up from 6.6% in October 2019.