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Labor market sees job growth of above 100,000, NGM says

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According to data from March-May 2017, the number of private sector jobs increased by 108,000 year-on-year, while the number of people employed under the public work scheme and of people working abroad declined by 22,000 and 8,000, respectively, year-on-year, official government website kormany.hu reported. 

The number of jobless people fell by 48,000, to 203,000, thus the unemployment rate edged down to 4.4% as a result of a 59-month downward trend, kormany.hu added based on data from the Ministry for National Economy (NGM). The Job Protection Action, the Youth Guarantee Program and the Government’s incentives for jobseekers under the age of 25 years have played a major role in these positive trends, according to kormany.hu. The governmentʼs six-year wage agreement and tax reduction package are expected to add more momentum to job growth, partly by activating potential jobseekers and by moderating labor outflow, the website added.

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