Tourism, catering and retail sectors shed most jobs during crisis
The retail trade as well as commercial accommodations and catering showed the biggest job losses in March and April, when the country went into lockdown to contain the spread of the novel coronavirus, state news wire MTI reports, citing data released by the Central Statistical Office (KSH).
Image by Shutterstock.com
The data, for companies that employ at least five people, show the economy shed 182,300 jobs in March and April, including 130,800 in April alone.
In the commercial accommodations and catering sector, 41,500 jobs were lost in March-April, just under 23% of all jobs shed.
There were 35,200 jobs lost in the retail and vehicle repair sector, accounting for a little more than 19% of the total number lost.
The tourism sector came to a practical stand-still during the period as the borders were closed and hotels were shut down, while many types of retail enterprises were hit by restrictions on business hours.
The KSH data show 28,100 jobs were lost in the manufacturing sector, more than 15% of jobs shed in March-April.
Many manufacturers shut down for weeks after the coronavirus outbreak.
Data on employment for the month of May released by KSH on Monday suggest the start of a recovery on the labor market: they show the number of employed Hungarians rose by 34,000 to 4,399,000 from April.
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.