"Hungary’s jobless rate fell to 10.7% in the September-November period, from 10.9% in August-October, the Central Statistics Office announced. The figure was 10.5% in the same period of 2009.The number unemployed was 459,700, down 5,900 from August-October, but up 15,000 from one year earlier. A positive note was the 40,000 rise in those employed from September-November of 2009. The number employed rose 4,400 from August-October.
The workforce participation rate for the 15-74 age group was unchanged at 4.3 million, or 55.8%, the highest in ten years.
The data shows that 53.8% of the registered unemployed had been out of work for more than one year. The average unemployment period became longer, rising to 18.9 months from 16.4 months one year earlier.
Economic research group GKI forecasts that the employment rate will inch up by a few percentage points, equal to the decline seen in 2010. The rise will be entirely credited to the private sector, GKI adds, as layoffs are expected in the public sector and there will be cutbacks in community work. GKI sees the unemployment rate hovering around 11%.
K&H Alapkezelo investment director Istvan Horvath said the positive side of the job report was that it showed employment rising from its low point in the spring of 2010.
Tax cuts could boost domestic demand and retail trade, a key factor in the government's 3% GDP growth forecast, he added. (NG pp.1&4; N p.11; MH p.10; MN p.11; Nsz p.5) "
Source: Hungary Around the Clock.
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14.01.2011