Cyprus LFS unemployment rate climbs to 6.4%

The unemployment rate according to the quarterly Labour Force Survey climbed to 6.4% of the labour force in the second quarter of 2010.
This was lower than the 7.2% recorded in the previous quarter but rather higher than the 5.2% recorded in the same quarter of 2009.
The unemployment rate in the second quarter among males was 6.1% and among females 6.7%.
The number of unemployed persons according to the Labour Force Survey was 26,379 (males 13,642 and females 12,737), while the total number of registered unemployed at the end of the second quarter was 22,460.
The difference is explained by the fact that the Labour Force Survey is a broader measure of unemployment than the registered unemployment figures, measuring everyone looking for work regardless of whether or not they are registered.
The LFS is carried out in accordance with a European Union Regulation.

Youth unemployment rose very fast compared with the year earlier according to the Labour Force Survey.
The unemployment rate for young persons aged 15-24 amounted to 18.6% of the labour force of the same age group, compared with 13.0% in the second quarter of 2009. The rate in the first quarter was 20.4%.
In the second quarter, the total number of people employed amounted to 387,909 (males 211,381 and females 176,527).
The employment rate for persons aged 20-64 was 75.7% (males 82.7% and females 68.9%) recording a small increase from the previous quarter but a decrease compared with the same quarter of 2009.