June-August jobless rate down half a point year-on-year

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Hungaryʼs rolling average three-month jobless rate reached 3.7% in June-August 2018, slightly up from 3.6% in the previous three-month period, but down from 4.2% in the corresponding period of 2017, the Central Statistical Office (KSH) said on Thursday.

The jobless rate covers unemployment among those aged between 15 and 74. In absolute terms, there were 173,100 unemployed in Hungary in June-August, 6,900 more than in May-July, but 22,300 less than in the corresponding period a year earlier.

In June–August 2018, compared to a year before, the jobless rate among men aged 15–74 fell 0.3 of a percentage point to 3.4%. Among women, the rate fell by 0.7 of a percentage point to 4.1%.

Among people aged 15–24, the unemployment rate was 10.2%, down 1.2 percentage points year-on-year, with nearly one-fifth of the jobless belonging to this age group. The unemployment rate in the age group 25–54, i.e. persons belonging to the "best working age," decreased by 0.3 of a percentage point to 3.4%, while the jobless rate among those aged 55–74 fell 0.8 of a percentage point to 2.6%.

The average duration of unemployment was 15.9 months; some 41.0% of jobless people had been searching for a job for one year or more, i.e. were classed as long-term unemployed.

At the end of August 2018, compared to a year earlier, administrative data of the National Employment Service (NFSz) show that the total number of registered job seekers decreased by 6.7% to 251,000.

Number of employed up 0.9% year-on-year

In the period June–August 2018, the average number of employed people aged 15-74 was 4,483,600, some 39,200 or 0.9% more than a year earlier, according to separate employment figures also released by the KSH today. The employment rate was 60.3%, unchanged from the preceding three-month period, but up from 59.6% a year earlier.

The employment rate among Hungarians aged 15–64 - accounting for the overwhelming majority of the workforce - increased to 69.4%, up 0.8 of a percentage point.

The number of employed men aged 15–64 increased by 0.6%, while their employment rate rose by 0.8 of a percentage point to 76.5%. Among women aged 15–64, the number of employed grew by 0.4%, and their employment rate by 0.8 of a percentage point to 62.4%.

Among young people aged 15–24, the employment rate was 29.1%, down half a percentage point year-on-year. In the "best working age," i.e. the 25–54 age group, the employment rate increased by 0.4 of a percentage point to 84.3%, while in the older, 55–64 age group, the employment rate grew by 1.9 percentage points to 54.2%.

The employment rate among people aged 20–64 – the coverage regarding the development of employment objectives defined in the Europe 2020 Strategy – grew by 0.8 of a percentage point to 74.5%. 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 82.3% for men, and 66.9% for women.

The total number of Hungarians employed in June-August included 148,900 Hungarians in fostered work schemes and 104,900 working abroad. The number of those employed on the domestic primary labor market rose 2.2% from a year earlier, while the number of fostered workers dropped 21.9%. The number of those working abroad was down 7.9%.

Unemployment and employment data for the next three-month period of July–September 2018 will be published on October 30.

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