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Unemployment: Autumn Figures Improvement Over 2013

By Ferenc Sullivan // 2015.01.06.

In September-November 2014, the number of those out of employment fell by 83 000 to 321 000 compared to the identical period of the previous year, which equals decrease of 2.0 per cent and is now at 7.2 per cent, the Central Statistical Office (KSH) reported on Tuesday. However, an increase of 0.1 per cent was observed compared to the August-October period of the previous year.

The unemployment rate among those between the ages of 25 and 54 – the so-called best employment age – decreased by 1.9 per cent to 6.2 per cent; in the case of people between the ages of 55 and 64, a 1.7 per cent decrease was observed and the jobless rate is now 6 per cent.

20.6 per cent of unemployed people belong to the 15-24-year-old age group, which has only a limited presence on the job market. The age group’s 19.4 per cent unemployment rate was 5.0 per cent lower than in the identical period of the previous year. 46.4 per cent of those out of employment have been looking for a job for over a year and the average length of unemployment was 18.2 months, KSH pointed out.

Commenting on the figures, ING senior analyst András Balatoni pointed out that while the extension of the public works programme continues to decrease unemployment, demand for workforce on the primary labour market is growing and the gradual phasing-out of the public works scheme should therefore be begun.

The report comes after the adoption of the 2015 budget, which has been under heavy attack from the opposition and human rights activists for the fundamental reorganisation of the benefits system. The government claims that new regulation will encourage those capable of work to find employment instead of relying on state handouts and those genuinely unable to work will continue to receive state support.

via mno.hu and hungarymatters.hu
photo: magyarhirlap.hu