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KSH: Unemployment Rate In Hungary Sinks To 7.6%

Tamás Székely 2015.05.29.

The average unemployment rate among Hungarians between the ages of 15 and 74 was 7.6% in February-April, the Central Statistical Office (KSH) said. The jobless rate was down from 8.1% during the same period a year earlier and down from 7.8% in January-March. The number of unemployed averaged 338,200 in February-April. The number of employed averaged 4,140,800 in the same period, KSH data shows.

There were 3,064,800 economically inactive Hungarians—those neither employed nor seeking work—in the age group during the period, down from 3,159,600 a year earlier. The data are calculated in line with ILO standards and include people with all forms of employment contracts who have worked more than one hour a week during the period or are on sick leave or paid absence. The data also include those employed in public work schemes and those working abroad for less than one year. Analysts polled by MTI said the jobless rate could fall below 7% in the second half of the year.

Gergely Suppán, senior analyst at Takarékbank, said the average annual jobless rate is expected to fall to 7.2% this year, or lower, if public work schemes are boosted. Suppán said the rise in employment levels was not due to fostered workers, as their numbers fell by 5,400 in the first quarter. Economic growth and investments helped boost jobs in the private sector, he added. Vivien Barczel, analyst at Erste, said the fall in the jobless rate in the second quarter compared to the first quarter can be attributed to a rise in seasonal and agricultural work starting from April.

Commenting on the data, Sándor Czomba, the state secretary of employment, said jobs were mainly created in the processing, construction, tourism, catering and agricultural sectors. Recent excellent macro-economic data, the Job Protection Action Plan, the Government’s active employment programmes and the positive economic trend reversal of 2013 have all contributed to steady employment growth, the state secretary said.

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