Varga expects unemployment rate to fall further

Analysis

Minister for National Economy Mihály Varga said he expects the unemployment rate to continue falling in the coming months, according to a report today by news agency MTI. Commenting on unemployment figures posted today, the minister noted that the jobless rate has reached a record low since 1992.

Elaborating on employment and joblessness figures published today by the Hungarian Central Statistical Office (KSH), the minister said that employment has risen to levels not seen since 1992, while the jobless ratio has fallen below 5% and economic developments promise further improvements, MTI reported.

The unemployment rate will drop further as the capacity expansion plans of businesses and low raw material prices help growth, the building of new homes improves the performance of the construction sector, and the use of European Union funding is set to rise, the minister was quoted by the news agency as saying.

Varga also noted that while an increasing number of employers consider the situation on the labor market as a factor limiting growth, the reduction of regional differences in employment, changes to vocational training and increasing wages are among steps that could remedy the problem.

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