"Hungary’s rate of unemployment ticked up to 10.5% in the September-November period from 10.4% in the preceding three-month period, the Central Statistics Office (KSH) has reported on Wednesday. The jobless rate was last this high in the wake of the fiscal adjustment in 1995.The number of unemployed was 445,000 in Sept-Nov, some 115,000 more than in the same period of 2008 and about 130,000 more than at the onset of the economic crisis.
Meanwhile, the number of employed has been dropping continuously and was down 120,000 from Sept-Nov last year. It was ten years ago when we saw this few people being employed.
For the medium term, though it is good news that the labour market has palpably "toughened up" and fleeing into inactivity, i.e. saying goodbye to jobs as such seldom happens. In previous years, people who were let go tended to never look at job ads again, but the fact that this happens no more hints that building up capacities may be an easier thing to do when economic upturn dawns."
Source: Portfolio Online Financial Journal
06.01.2010