Jobless Rate In Hungary Falls To 6.9%

  • 30 Jul 2015 9:00 AM
Jobless Rate In Hungary Falls To 6.9%
A 23-year record high employment rate was recorded in April-June this year combined with a ten-year jobless low. The three-month rolling jobless rate was 6.9% in April-June, down from 7.1% in March-May, the Central Statistics Office (KSH) said. The April- June jobless rate was down from 8.1% in the same period a year earlier. The number of unemployed averaged 310,400 in April-June.

The number of employed averaged 4,200,700. Average employment in April-June was 125,500 higher than in the same period a year earlier.

A total of 48.5% of the unemployed had been seeking work for one year or more.

The average time spent looking for work was 19 months. Analysts told MTI that the unemployment rate is expected to remain below 7% for the rest of the year.

Seasonal employment was a factor in the rise as the rate normally rises during the summer, K&H analyst Dávid Németh said, adding that the jobless rate would stay steady, averaging around 7% in 2015.

Takarékbank analyst András Oszlay said the jobless rate would stabilise at below 7%.

In the third quarter this year it could drop to as low as 6.2%, he said, adding that a 6.8% yearly average was likely following 7.7% in 2014.

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