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Aug 31, 2017

Unemployment hits a record low 4.2 percent in May-July

The jobless rate of 4.2 percent “after a steady decline in the unemployment rate for 61 months, is due to the substantial growth of the economy and the government’s successful employment policy," according to the ministry for National Economy

Hungary’s unemployment rate averaged 4.2 percent in May-July, down from 4.3 percent in the previous period, the Central Statistical Office (KSH) has announced.

According to MTI, the May-July 2017 rate was down from 5 percent in the same period in 2016. The official data covered unemployment among those between the ages of 15 and 74.

Figures showed that there were 193,400 unemployed in Hungary in May-July, 3,000 less than in April-June and 34,600 less than in the same period last year.

The number of employed Hungarians during the period stood at 4,433,600, up 14,100 from the previous three-month period and up 61,800 compared to one year earlier.

The employment rate was 59.4 percent, up from 59.2 percent in the previous period and up from 58.2 percent from a year earlier.

The number of employed included 195,800 Hungarians in fostered work programs and 112,900 working abroad.

The number of those employed on the domestic primary labor market rose 2.7 percent from a year earlier, while the number of fostered workers dropped 16.9 percent.

Mihaly Varga, minister for National Economy, said that the data indicated that Hungarian economic growth was healthy and stable. The growth in jobs also shows that the increase in the number of jobs led to higher employment in almost every age group, while the number of unemployed fell below 200,000.

The ministry for National Economy said that the record jobless rate of 4.2 percent “after a steady decline in the unemployment rate for 61 months, is due to the substantial growth of the economy and the government’s successful employment policy.”