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Stats Office: Unemployment Rate Sinks To 6,4% In Hungary

Tamás Székely 2015.10.28.

The average unemployment rate was 6.4% among Hungarians aged between 15 and 74 in July-September, the Central Statistical Office (KSH) said. The jobless rate went down from 7.4% in the same period a year earlier and from 6.9% in April-June. The figures reveal that 116 thousand more people are in work in Hungary than a year ago.

source: ksh.hu

source: ksh.hu

The number of unemployed averaged 292,700 during the reported period. The number of employed averaged 4,264,800. A total of 49.2% of the unemployed had been seeking work for one year or more, while the average time spent looking for work was 19.3 months. There were 2,979,000 economically inactive Hungarians — those neither employed nor seeking work — in the age group during the period, down from 3,088,500 a year earlier, KSH said.

The level of employment of the population aged 15–64 increased in all of the seven regions of Hungary, the growth was the most significant – 3.8 and 3.7 percentage points, respectively – in Central Transdanubia and Northern Hungary. The employment rate was the highest in Central Transdanubia (69.0%) and the lowest (59.9%) in Northern Great Plain despite the outstanding growth.

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 public work schemes and those working abroad for less than one year.

Erste analyst Vivien Barczel attributed the lower than expected July-September jobless rate to the high number of public workers, which has reached 226,000, or 5.3%, of the total. Takarékbank analyst Gergely Suppan also noted the lower than expected jobless rate noting that the number of inactive Hungarians has dropped below 3 million. He expects the unemployment rate to be around 6% in the second half of 2015 because of seasonal effects and improving outlook on the job market.

Fresh statistics published by Eurostat show that 23.1% of those Hungarians who were unemployed in the first quarter of 2015, found employment in the second quarter, while 66.7% remained unemployed and 10.2% moved into inactivity. It means that Hungary’s jobless had a better chance than the average unemployed in the European Union to move into employment.

via ksh.hu and hungarymatters.hu