Unemployment rate down to 4.1%

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Hungaryʼs rolling average three-month jobless rate dropped to 4.1% in July-September 2017, from 4.2% in the previous three-month period, and 4.9% in the equivalent period of 2016. The average number of unemployed was 189,000, some 38,000 fewer than a year earlier, according to a first release of data for the period from the Central Statistical Office (KSH).

In July–September 2017, compared to the equivalent period of 2016, the jobless rate among men aged 15–74 fell by 1.3 percentage points to 3.6%, according to the KSH. The unemployment rate among women declined by 0.3 of a percentage point to 4.6%.

The unemployment rate in the 15–24 age group decreased by 1.3 percentage points to 11.3%, but one-fifth of the unemployed still belong to this age group. The unemployment rate of those aged 25–54 - i.e. persons belonging to the ‘best working age’ - decreased by 0.8 of a percentage point to 3.5%, while the rate for persons aged 55–64 fell by 0.5 of a percentage point, also to 3.5%.

The average duration of unemployment was 15.4 months; 40.6% of unemployed people had been searching for a job for one year or more, i.e. were long-term unemployed.

The unemployment rate of people aged 15–74 decreased in all regions except Southern Transdanubia, where the increase was 0.4 of a percentage point. The change was the most significant in Southern Great Plain, where the unemployment rate fell by 1.8 percentage points to 3.7%. The unemployment rate was the lowest, at 2.2%, in Western Transdanubia, and the highest in Northern Great Plain, at 7.2%.

At the end of September 2017, compared to a year earlier, the total number of registered job seekers decreased by 4.8%, according to administrative data of the National Employment Service.

60,000 more people in work

Also Thursday, the KSH published a first release of data on employment in the period July–September 2017. This showed that the average number of employed people was 4,451,000, some 60,000, or 1.4%, more than the corresponding period a year earlier.

The employment rate of people aged 15–64 grew by 1.6 percentage points to 68.7%. The number of employed men increased by 2.2%, and their employment rate rose by 2.3 percentage points to 75.9%. The number of employed women increased only slightly, while their employment rate grew by 0.9 of a percentage point to 61.7%.

The employment rate among young people aged 15–24 years increased by 0.2 of a percentage point to 29.3%. The number of employed people in the ‘best working age’, i.e. the 25–54 age group, and in the older, 55–64 age group both increased, with the employment rate rising to 84.2% in the former and 52.4% in the latter age group.

The employment rate among people aged 20–64 – the coverage regarding the development of employment objectives defined in the Europe 2020 Strategy – grew by 1.7 percentage points to 73.8%. The European Union has targeted raising the average employment rate to 75% by 2020; in Hungary, the employment rate in this age group is currently 81.7% for men and 66.1% for women.

The level of employment of the population aged 15–64 increased in all of Hungaryʼs regions, the most significant growth being seen in Central Transdanubia. The employment rate was highest in Central Hungary (72.5%), and lowest in Southern Transdanubia (63.6%).

Figures for joblessness and employment for the period August–October will be published by the KSH on November 29.

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