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KSH: Unemployment rate 9.8%, lowest since Q2 2009

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New figures released by the Central Statistics Office (KSH) show that in the third quarter of 2013, the number of unemployed in Hungary was 434,000, 24,000 fewer than in the same period of 2012, the unemployment rate decreased by 0.6% year-on-year to 9.8%, making for the lowest such mark in over four years.

In the July-September period, the number of 15- to 74-year-old unemployed males was 232,000, some 18,000 fewer than a year earlier, and their unemployment rate decreased by 0.9% to 9.7%. The number of unemployed women was 202,000, and their unemployment rate was 10.0%, 0.2% lower y.o.y.

KSH statistics showed that 20.4% of the unemployed ranks belonged to the 15-24 age group and remain underrepresented in the labor market. The unemployment rate for this age group was 27.4%, 2.0% lower y.o.y. The unemployment rate of those aged 25-54, i.e. persons belonging to the “best working age” was 0.7% lower than a year ago (8.6%), while the rate for persons aged 55-64 increased by 0.5% to 7.7%.

In Hungary, 54.3% of those unemployed had been searching for a job for one year or more. The average duration of unemployment was 19.1 months.

Of the seven statistical regions, four (Central Hungary, Central Transdanubia, Western Transdanubia and Southern Transdanubia) had unemployment rates below 9%. Unemployment meanwhile increased y.o.y. in Western Transdanubia, the Northern Great Plain and the Southern Great Plain while stagnating in Central Hungary.

According to data from the National Labor Office, the total number of registered jobseekers was 484,000 at the end of September, 8.1% fewer y.o.y.

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