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Unemployment rate rises to 10.5%

Hungary's average unemployment rate rose to 10.5% in September-November from 10.4% in August-October, reaching a level not seen since 1994, the Central Statistics Office (KSH) said on Wednesday.

The number of unemployed in the 15-74 age group rose by 5,500 from the previous three-month period to 445,000. The increase included 4,700 newly registered job-seekers and a decrease of 800 in the number of employed. The number of unemployed rose by 115,000 from a year earlier as the unemployment rate climbed from 7.8%. The unemployment rate among men rose by 3.1 percentage points and the rate among woman rose by 2.3 percentage points.

The workforce participation rate among 15- to 74-year-olds inched up 0.1 percentage point to 55.1% in September-November from August-October.

The number of unemployed people in the 15-74 age group was 3,788,000.

The workforce participation rate was 62.1% for the 15-64 age group and 64.8% for the 15-61 age group. The number of employed in the 15-64 age group fell by 118,000 from a year earlier to 3,757,000 in September-November.

People between the ages of 15 and 24 accounted for 19.4% of unemployed. The unemployment rate among this age group was 27.7%, 7.3 percentage points more than a year earlier. The unemployment rate in the 25-54 age group climbed 2.6 percentage points to 9.6% in the same period.

About 43.3% of the unemployed had looked for a job for a year or more. The average time spent unemployed fell by 2.4 months to 16.4 months in September-November from the same period a year earlier. (MTI-ECONEWS)