KSH: Hungary’s jobless rate down to 6.7%

Tourism

The average unemployment rate in Hungary dropped to 6.7% in the period of June to August, with the number of unemployed, in absolute terms, averaging 303,800, Hungary’s Central Statistical Office said today.

The rate was down from the previous period of May-July, 6.8% and from 7.7% of the same period a year earlier, data by KSH suggest.

The data 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, and also include fostered workers employed by the government.

The number of 15–74 year-old unemployed men decreased by 24,000 to 155,000, and their unemployment rate by 1.1 percentage points to 6.3%, while the number of unemployed women declined by 15,000 to 149,000, and their unemployment rate by 0.9 percentage points to 7.1%, KSH reported.

The average duration of unemployment changed from 18.7 to 19.2 months; 48.5% of unemployed people had been searching for a job for one year or more, i.e. were long-term unemployed, KSH added.

K&H Bank chief analyst Dávid Németh told Hungarian news agency MTI that the unemployment rate was likely to be under 7% for the rest of the year and put the average annual rate at around 7%.

Erste analyst Vivien Barczel, in speaking to MTI, also put the average annual rate at around 7%. Although the rate could edge up a couple of tenths of a percentage point in the coming months, it will not reach the 7% threshold, she added.

ADVERTISEMENT

Business, consumer confidence improves - Századvég Analysis

Business, consumer confidence improves - Századvég

Opposition parties to begin PM candidate primaries Elections

Opposition parties to begin PM candidate primaries

New managing director at the helm of Wolt Hungary Appointments

New managing director at the helm of Wolt Hungary

Budapest bike-sharing scheme boasts record ridership City

Budapest bike-sharing scheme boasts record ridership

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.