KSH: Hungary’s jobless rate falls to 7.4% in Nov-Jan

The unemployment rate in Hungary among those aged 15 to 74 was 7.4% in November-January last year, down from 8.8% in the same period a year earlier, but up from 7.1% in October-December, the Central Statistics Office (KSH) said today.

The number of unemployed averaged 330,200 in November-January. This figure was up 11,700 from the previous three-month period and down 54,000 from the same period a year earlier.

The number of employed in the 15-74 age group averaged 4,127,000 in November-January 2014. This number fell 14,700 from October-December but was up 140,600 in one year.

These statistics count fostered workers as being employed. Fostered workers are hired by the government to do menial labor and receive less than the minimum wage.

Commerzbank earlier predicted that Hungary’s unemployment rate will remain at 7% “for the time being,” with much of the improvements reported in 2014 attributable to the fostered worker scheme. This type of job creation is reaching its limits, Commerzbank added.

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