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Aug 30, 2018

Hungary’s unemployment rate has dropped 4.2 percent in a year

According to statistics released by the Central Statistical Office (KSH), while Hungary’s rolling average jobless rate dropped year-on-year, it stood at 3.6 percent in May-July

Hungary’s unemployment rate has dropped 4.2 percent since the same period last year.

According to statistics released by the Central Statistical Office (KSH), while Hungary’s rolling average jobless rate dropped year-on-year, it stood at 3.6 percent in May-July.

MTI reports that the rate stats were compiled by using unemployment figures from those between the ages of 15 and 74 years.

In absolute terms, there were 166,200 unemployed in Hungary in May-July, 1,100 more than in April-June but 27,200 fewer than in the same period a year earlier.

The unemployment rate among 15 to 24 year-olds stood at 10.2 percent, changing only marginally from a year earlier. This figures shows that this age group accounted for one-fifth of all unemployed.

KSH noted that the unemployment rate for 25 to 54 year-olds dropped 0.5 percentage points to 3.2 percent and the rate among 55 to 74 year-olds was down 1.0 percentage point at 2.4 percent.

The figures showed that out-of-work Hungarians spent about 15.5 months on average looking for employment during the period. About 38.1 percent of the unemployed had been seeking work for one year or longer.

The number of employed Hungarians during the period stood at 4,483,600, up 9,000 from the previous three-month period and up 50,000 compared to one year earlier.

Hungary’s employment rate was 60.3 percent, slightly up from 60.2 percent in the previous period and up from 59.4 percent from a year earlier.