The indicator the entire business sector keeps its eyes on tosee where the economy is going, stagnated in March when theunemployment rate only went up by 0.06% to 8.36%. Every month ofthe past year had added 0.2% to 0.4% to the unemployment rate, thatis several tens of thousands of people who lost their jobs.
Even though March came with a new high in terms of unemployment,the trend is for it to stabilise.
"One can see a slowdown in the rise in unemployment, indeed,although the trend remains upward," comments Ionut Dumitru,Raiffeisen's chief economist.
The main explanation for the stabilisation of the unemploymentrate increases is that the private sector companies have completedmost of their restructuring operations, after having slashed jobslast year, which resulted into more than 300,000 new unemployedpeople in 2009.
"As for the private environment, those that resorted toextensive layoffs completed them last year. Private companies werequick to react, cutting costs when sales plunge is a matter ofsurvival," says Dumitru, who adds that the private sector will nolonger make a significant contribution to the rise in unemploymentthis year.
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