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Hungarian unemployment rises as more young people look for jobs

Hungary' unemployment rate rose to 7.4% in the three months from August to October as young people struggled to find jobs, the country's statistics office said today.

The average unemployment rate in the three months rose from 7.3% in May-July, the office said. It compares with 7.3% in the year-ago period. Unemployment in Hungary is lower than in the dozen countries using the euro and is less than in other east European nations like the Czech Republic, Poland and Slovakia. Still, the Hungarian rate is set to rise as the government sheds jobs to cut its budget deficit. The number of Hungarians employed rose to 3.96 million from 3.93 million a year earlier. People younger than 24 accounted for 22.3% of unemployed in the three months to October, the statistics office said. Of all the jobless, 47.4% have been unemployed for more than a year. (Bloomberg)