Czech Unemployment Rate Hits 20-Year Low

Unemployment in the Czech Republic dipped to 2.8% in October, the lowest reported number since June 1997

The Czech Republic has maintained the lowest unemployment rate in Europe over the past two years, and it keeps getting lower.

The Czech unemployment rate fell to 2.8% in October, according to data released today by the Czech Labor Office.

The number represents a new 20-year low, topping the previous 2.9% reported in June of this year, and the lowest rate of unemployment recorded in the country since 1997.

In October, there were 215,622 registered jobseekers in the Czech Republic, down nearly 10,000 from September and a whopping 55,000 year-on-year.

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According to the Czech Labor Office, there is currently “massive interest” among employers to recruit new employees. The tight labor market has led many to try to fill positions by offering shorter working hours or part-time employment.

The highest unemployment rate in the Czech Republic in October was reported in the Moravian-Silesian region at 4.4%, while the lowest was in the Pardubice region at 1.8%.

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The numbers released by the Czech Labor Office may differ from numbers reported by the Czech Statistical Office or Eurostat due to the methodology used to gather them. The Labor Office uses a raw calculation of registered unemployed versus the general working-age population, while other organizations may take into account additional factors.

According to the latest numbers published by Eurostat (September 2019), the unemployment rate in the Czech Republic was 2.3%, a full percentage point below next-lowest Germany and Poland.

Not only is the Czech unemployment rate a new record; job vacancies in the Czech Republic reached a record high last month, and the country features the highest job vacancy rate in the EU according to Eurostat.

Not a bad time to be on the Czech job market.

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