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Stats Office: Unemployment Rate Continues To Sink In Hungary

Tamás Székely 2015.11.30.

The average unemployment rate among Hungarians between the ages of 15 and 74 was 6.4% in August-October, the Central Statistical Office (KSH) said. The jobless rate was down from 7.1% in the same period a year earlier and unchanged from 6.4% in July-September. While the number of unemployed in Hungary averaged 290,100 in August-October, the number of employed averaged 4,265,800 in the same period.

source: ksh.hu

source: ksh.hu

Average employment in August-October was 115,200 higher than in the same period a year earlier. A total of 49.2% of the unemployed had been seeking work for one year or more. The average time spent looking for work was 19.1 months. The data are calculated in line with International Labour Organisation 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 pubic work schemes and those working abroad for less than one year.

Analyst Gergely Suppan of Takarékbank said full-year unemployment could be 6.9% in 2015 and 6.5% in 2016. Vivien Barczel of Erste Bank also forecast 6.9% average unemployment for this year, predicting a jobless rate of 6.4% for 2016.

via ksh.hu and hungarymatters.hu