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Improvement in unemployment rate unlikely before year-end - analysts

EU

Any improvement in Hungary’s unemployment rate is unlikely before year-end, analysts told MTI on Monday, after the Central Statistics Office (KSH) published fresh data.

The average unemployment rate in Hungary was 10.8% in August-October, edging up from 10.7% in July-September, but falling from 10.9% in the same period a year earlier.

Gergely Suppan of TakarekBank said the unemployment rate probably fell year-on-year because of an increase in the rate of economically active Hungarians, lifted by the introduction of stricter terms for taking retirement and more first-time job-seekers.

TakarekBank sees Hungary’s unemployment rate reaching 11.2% by year-end. It puts the average unemployment rate at 11% in 2011 and 10.7% in 2012.

CIB Bank’s Gyorgy Barta said the increase in the number of employed Hungarians was a positive sign, but noted the figure was still under pre-crisis levels. He said the unemployment rate was likely to be 10.8% at year-end, but added that he did not augur an improvement for 2012.

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