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Unemployment rate jumps to 11.4%

Hungary's average unemployment rate was 11.4% in the 15-74 age group in December-February, up sharply from 10.8% in November-January, the Central Statistical Office (KSH) said.

After unchanged rates of 10.5% in the autumn, the three-month average rate rose to 10.8% in November-January. The unemployment rate bottomed out at 7.5% in the middle of 2008.

The jobless rate for the 15-64 age group was 11.5% in December-February, also up 0.6 percentage points from the previous three months.

The number of unemployed in the 15-74 age group grew by 23,100 from November-January to 478,700. The number rose 101,000 in one year.

The number of employed fell by 24,000 from the previous three months and fell 64,000 in one year to 3,725,900 in December February.

The workforce participation rate remained unchanged from November-January at 61.7% for the 15-64 age group, and was also unchanged, at 54.7% for the 15-74 age group. (MTI – Econews)