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Hungary jobless rate drops to 10.7% in September-November

Hungary's average unemployment rate was 10.7% in the 15-74 age group in September-November 2010, down from 10.9% in August-October, but up 0.2 percentage points from the same period a year earlier, the Central Statistical Office (KSH) said.

The number of unemployed in the age group totaled 459,700 in September-November, dropping 5,900 from the previous three months but up 14,700 or 3.3% in one year.

The unemployment rate bottomed out at 7.5% in the summer of 2008 and rose to peak at 11.8% in the first months of 2010. The drop which followed slowed since May-July and the rate was unchanged in the last two three-month periods.

The jobless rate for the 15-64 age group was 10.8% in September-November 2010, down from 10.9% in both August-October and July-September. The rate for this age group peaked at 11.9% in Q1 2010.

The number of employed rose by 4,400 from the previous three-month period to 3,827,900 in September-November in the 15-74 age group, rising 39,800 from one year earlier. The employment rate - the percentage of the population aged 15-74 who are employed - was 49.8%, unchanged from the previous three-month period.

Measured in the 15-64 age group, the number of employed has risen steadily since Q1 2010, and was up 4,100 from August-October at 3,796,400. The employment rate in this age group was 56.1%, up 0.1 percentage point from the previous period, and up 0.5 percentage points in one year. The employment rate in the age group peaked at 55.8% in May-July 2009 and bottomed out at 54.5% with the crisis in Q1 last year.

The participation or activity rate - the percentage of people actively employed or seeking employment - was 55.8% for the 15-74 age group, and 62.9% for those aged between 15-64 years. The activity rate was unchanged now for the third three-month period after a steady rise between November 2009-January 2010 and June-August last year.

KSH noted that the activity rate of men in the 15-64 age group was practically unchanged at 68.8% while that of women rose 1.3 percentage points in one year to 57.2%.

17.5% of the unemployed belong to the 15-24 age group, only present on the labor market to a limited extent, and the unemployment rate for this group was 26.1%, down from 26.7% measured in August-October, and 1.6 percentage points lower than a year earlier.

The unemployment rate calculated for the most active, 25-54 age group was 9.8%, slightly down from 9.9% in August-October, but up 0.2 percentage points from one year earlier.

The measures of long-term unemployed fell 0.3 percentage points from the previous three-month period, with 53.8% of the unemployed seeking a job for one year or longer. The average period of unemployment rose, however, slightly to 18.9 months, and was 2.5 months longer than a year earlier. (MTI – Econews)