Jobless rate decreasing in Hungary

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Hungaryʼs rolling average three-month jobless rate reached 4.2% in June-August, the same as in the previous three-month period but down from 4.9% in the corresponding period a year earlier, the Central Statistical Office (KSH) reported on Wednesday.

In the period June–August 2017, the average number of unemployed people was 195,500, some 31,600 fewer than a year earlier, and the unemployment rate decreased by 0.7 of a percentage point to 4.2%. The unemployment rate was lower for men than for women, and the rate of improvement was also higher among men. The rate covers joblessness among those aged 15-74.

In June–August 2017, compared to a year before, the number of unemployed men aged 15–74 decreased by 28,000 to 94,000, and their unemployment rate by 1.2 percentage points to 3.7%. The number of unemployed women declined by 4,000 to 101,000, and their unemployment rate by 0.2 of a percentage point to 4.8%.

The unemployment rate in the 15–24 age group decreased by 1.4 percentage points to 11.4%, with one-fifth of the total jobless belonging to this age group in the period.

The unemployment rate of those aged 25–54, i.e. persons belonging to the ‘best working age,’ decreased by 0.7 of a percentage point to 3.7%, while the rate for persons aged 55–64 fell by 0.5 of a percentage point to 3.5%.

The average duration of unemployment was 15.8 months; 39.8% of unemployed people had been searching for a job for one year or more, i.e. were long-term unemployed.

At the end of August 2017, according to administrative data of the National Employment Service (NFSZ), the total number of registered job seekers decreased by 5.0% to 269,000, compared to a year earlier.

Number of employed rises steadily

In the period June–August 2017, the average number of employed people increased by 1.3% to 4,444,000, some 58,000 more than a year earlier. The employment rate among people aged 15–64 increased to 68.6%, up 1.5% year-on-year. The employment indicator of men improved to a greater extent than that of women.

The increase on the domestic primary labor market was 99,000, while the number of people declaring work in public fostered work schemes decreased by 40,000 and the number of those working abroad essentially remained unchanged.

The employment rate among those aged 15–64 grew by 1.5 percentage points to 68.6%. The number of 15–64 year-old employed men increased by 2.1%, and their employment rate rose by 2.3 percentage points to 75.7%. The number of 15–64 year-old employed women essentially did not change, while their employment rate grew by 0.8 of a percentage point to 61.6%.

The number of employed young people aged 15–24 years increased by 0.8 of a percentage point to 29.6%. The number of employed people increased in both the ‘best working age’ group, i.e. the 25–54 age group, and in the older, 55–64 age group, rising by 1.3 percentage points to 84.0% in the former, and by 1.8 percentage points to 52.3% in the latter age group.

The employment rate of people aged 20–64 – the coverage regarding the development of employment objectives defined in the Europe 2020 Strategy – grew by 1.6 percentage points to 73.7%. The European Union has targeted raising the average employment rate to 75% by 2020; in Hungary, the employment rate in this age group is currently 81.6% for men and 66.1% for women.

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