Total collapse of the Hungarian labour market? Jobless rate worse than it was in the spring

Hungary’s three-month rolling average jobless rate averaged 4.3 percent in the Nov-Jan period, up by 0.2 percentage point from the previous month, the Central Statistical Office (KSH) said on Friday.

The rate which covers unemployment among people between the ages of 15 and 74 was 1 percentage point higher than the same period a year earlier.

In absolute terms, 208,900 people were unemployed, 13,500 more than in the previous month and 48,900 more than a year earlier.

Citing changed methodology from Jan. 1 to fall in line with international regulations, the KSH said that in the month of January, the number of jobless came to 238,000, 54,000 more than in the same period of the previous year.

The unemployment rate rose by 0.8 percentage points to 5 percent, KSH said.

Meanwhile, the average monthly number of employees was 4,537,000, the KSH said. Citing the epidemic and seasonal effects, it said the number of employees fell by 97,000 compared with the previous month and by 55,000 from January last year, noting the changed methodology.