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Hungary business sector employment down 2.4% yr/yr in August

The number of employees in Hungary's business sector, which includes private as well as state-owned companies employing at least five people, fell 2.4% in the twelve months to August, dropping for the 9th month in a row, data published by the Central Statistics Office (KSH) on Thursday show.

The twelve-month drop widened from 2.0% in July and was the second biggest drop after 2.7% recorded in June. The number of business sector employees fell by 45,500 from a year earlier to 1,828,000 in August, and was down a slight 2,200 from July.

Business sector employment started to decline yr/yr last December after steady year-on-year increase between May 2010 and November 2011. January-August employment in the sector was down 1.9% from a year earlier. Business sector employment rose 1.3% last year and rose 0.3% in 2010, after falling 6.7% on the economic crisis in 2009.