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KSH: Hungary’s jobless rate down to 6.7%

The average unemployment rate in Hungary dropped to 6.7% in the period of June to August, with the number of unemployed, in absolute terms, averaging 303,800, Hungary’s Central Statistical Office said today.

The rate was down from the previous period of May-July, 6.8% and from 7.7% of the same period a year earlier, data by KSH suggest.

The data include people with all forms of employment contracts who have worked more than one hour a week during the period or are on sick leave or paid absence, and also include fostered workers employed by the government.

The number of 15–74 year-old unemployed men decreased by 24,000 to 155,000, and their unemployment rate by 1.1 percentage points to 6.3%, while the number of unemployed women declined by 15,000 to 149,000, and their unemployment rate by 0.9 percentage points to 7.1%, KSH reported.

The average duration of unemployment changed from 18.7 to 19.2 months; 48.5% of unemployed people had been searching for a job for one year or more, i.e. were long-term unemployed, KSH added.

K&H Bank chief analyst Dávid Németh told Hungarian news agency MTI that the unemployment rate was likely to be under 7% for the rest of the year and put the average annual rate at around 7%.

Erste analyst Vivien Barczel, in speaking to MTI, also put the average annual rate at around 7%. Although the rate could edge up a couple of tenths of a percentage point in the coming months, it will not reach the 7% threshold, she added.