Employment still growing at a rate above 4% yoy

 

According to the labour force survey (LFS), the number of employed hit 4,142 thousand in the fourth quarter of 2014 – a high level by historical standards, even if it is below the levels seen either in the third quarter or in September-November, a result of seasonal changes. The number of unemployed was below the level seen in the third quarter – a result of some quarter-on-quarter decrease in the number of the economically active – and the unemployment rate hit 7.1%.

As a result, the year-on-year growth of employment was still massive at a rate of 4.3% in Q4. It is worth noting that this growth is apparently not a result of the increase in the number of public workers: the number of non-public worker employed also rose by 4.3%. This is, interestingly in sharp contrast with the data provided by the payroll statistics: the latter shows a much less sanguine growth in the number of non-public worker employees, at a rate well below 3%. This discrepancy between the two sets of data can be observed regarding the previous quarters of 2014 as well.