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Jobless Rate In Hungary Falls To 6,8% As Employment Reaches 23-Year Peak

Tamás Székely 2015.08.31.

The three-month rolling jobless rate was 6.8% in May-July, down from 6.9% in April-June, the Central Statistical Office (KSH) said. The rate was 8% in May-July 2014. The number of unemployed averaged 305,800 in May-July. The number of employed averaged 4,223,800. Average employment in May-July was 138,700 higher than in the same period a year earlier and fully 48.2% of the unemployed had been seeking work for one year or more. The average time spent looking for work was 19.3 months. There were 3,009,600 economically inactive Hungarians—those neither employed nor seeking work—in the age group during the period, down from 3,132,900 a year earlier. At the same time, the activity rate rose to 60.1% from 58.6%.

source: ksh.hu

source: ksh.hu

Analyst András Oszlay of Takarékbank said the unemployment rate could improve further in the second half of 2015, falling close to 6% by the fourth quarter and averaging 6.8% as against 7.7% in 2014. He attributed the dynamic improvement half and half to strengthening economic performance and to active employment policy measures such as the public work schemes. Vivien Barczel of Erste Bank said the jobless rate could fall to 6.5-6.6% by the end of the year and expects an average unemployment rate of 7% in 2015.

In May-July 2015, the number of those aged 15-74 years in employment grew by 139 thousand, to 4 million 224 thousand year-on-year. Thus, this indicator has reached a 23-year peak and the number of people in employment is more than 500 thousand higher than in 2010, the Economy Minister said in response to the numbers. The unemployment rate declined further, to 6.8 percent, the best figure in 11 years, it highlighted. According to the Ministry, the cabinet’s active employment policy has been instrumental for steadily improving labour market statistics and the recent excellent macro-economic data also signal employment growth that in turn will have a favourable impact on the budget and household consumption.

via ksh.hu, hungarymatters.hu and kormany.hu photo: egerhirek.hu