Hungary jobless rate falls to 6.4pc in August-October

Budapest, November 27 (MTI) – The average unemployment rate among Hungarians between the ages of 15 and 74 was 6.4 percent in August-October, the Central Statistics Office (KSH) said on Friday.

The jobless rate was down from 7.1 percent in the same period a year earlier and unchanged from 6.4 percent in July-September.

The number of unemployed averaged 290,100 in August-October. The number of employed averaged 4,265,800.

Average employment in August-October was 115,200 higher than in the same period a year earlier.

A total of 49.2 percent of the unemployed had been seeking work for one year or more. The average time spent looking for work was 19.1 months.

There were 2,977,800 economically inactive Hungarians — those neither employed nor seeking work — in the age group during the period, down from 3,097,800 a year earlier. At the same time, the activity rate rose to 60.5 percent from 59.1 percent.

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.

Analyst Gergely Suppan of Takarekbank said full-year unemployment could be 6.9 percent in 2015 and 6.5 percent in 2016.

Vivien Barczel of Erste Bank also forecast 6.9 percent average unemployment for this year, predicting a jobless rate of 6.4 percent for 2016.

Source: http://mtva.hu/hu/hungary-matters