In the third quarter of 2018, the unemployment rate in Latvia was 7.0%, according to the Labor Force Survey of the Central Bureau of Statistics (CSB). Compared with the previous quarter, the unemployment rate decreased by 0.7 percentage points, while during the year it increased by 1.5 percentage points. Experts evaluate how these changes will affect businesses and workers on the labor market.
With rapid economic growth, the unemployment rate continued to fall sharply in the third quarter, and the number of people employed in the economy increased strongly. According to the Ministry of Finance, the most important role of rapid economic growth was the rapid development of the economy, which created a rising demand for workers and the number of people employed in the national economy in the third quarter was 1.9%, or 17 , 2 thousand more than a year ago, the pace of the first half of the year.
With continued economic growth, demand for labor continues to increase, while labor reserves are gradually declining. The labor market becomes "more determined". "More and more, the worker's association with the job and the remuneration offered is a real challenge for employers. In a situation where the number of unemployed falls, but the number of jobs is increasing, the number of applicants on holiday is decreasing "is in the hands of the worker," says Agnese Buceniece, senior economist at Swedbank.
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