Unemployment rate rises to 4.6% in April-June

Figures

Photo by Shutterstock.com

On average, 214,000 people were unemployed in April–June 2020, with the unemployment rate rising to 4.6% from 4.1% in March-May, according to data published by the Central Statistical Office (KSH).

The statistical agency says that the economic consequences of the coronavirus pandemic are reflected in the unemployment data.

Compared to the same period of 2019, the number of unemployed men between 15-74 years of age increased by 24,000 to 112,000, and the unemployment rate by 1 percentage point to 4.4%. In the case of women, the number of unemployed rose by 35,000 to 102,000, and the unemployment rate by 1.7 percentage points to 4.9%.

The number of unemployed people aged 15–24 increased to 44,000 and their unemployment rate by 4 percentage points to 14.7%. One-fifth of the unemployed belonged to this age group. Unemployment rates for people aged 25–54, called the best working age by KSH, grew by 1.4 percentage points to 4.2%, and for people aged 55–74 remained virtually unchanged, with 2.6%.

The average duration of unemployment decreased by 6.4 months to 8 months, with 20.9% of the unemployed looking for a job for at least a year, meaning were long-term unemployed.

The unemployment rate of people aged 15–74 was lowest in Western Transdanubia and Pest region at 3.4 and 3.6 % respectively. Northern Great Plain had the highest unemployment at 7%. However, unemployment increased in all regions except Northern Great Plain. The most significant change was in the Southern Great Plain region, with the rate increasing by 2.7 percentage points to 5.5%.

June unemployment rate at 5.1%

On average, 240,000 were unemployed in June 2020. The unemployment rate stood at 5.1%.

The number of unemployed increased by 25,000 compared to the previous month and by 92,000 compared to June 2019. The unemployment rate rose by 0.5 percentage points in one month and by 1.9 percentage points in one year.

Compared to May, the number of inactive people decreased significantly, by 84,000, as most of those who had previously become unemployed began to actively look for work after the lockdown measures were lifted.

Of these, 58,000 have started work, increasing employment levels. However, a further 25,000, despite actively looking for work and being able to start work within two weeks, could not find a job, increasing the number of unemployed according to ILO definitions which are also suitable for international comparison.

According to the administrative data of the National Employment Service, the total number of registered jobseekers at the end of June increased by 51.6% year-on-year, to 376,000.

ADVERTISEMENT

Business, consumer confidence improves - Századvég Analysis

Business, consumer confidence improves - Századvég

Opposition parties to begin PM candidate primaries Elections

Opposition parties to begin PM candidate primaries

Martina Cifer joins Avison Young Hungary Appointments

Martina Cifer joins Avison Young Hungary

Budapest bike-sharing scheme boasts record ridership City

Budapest bike-sharing scheme boasts record ridership

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.