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Jobless rate 4.2 percent in November

Hungary's jobless rate stood at 4.2 percent in November, up from 4.1 percent in October and 3.8 percent twelve months earlier, the Central Statistical Office (KSH) said on Friday.

The rate covers unemployment among people between the ages of 15 and 74.

In absolute terms, there were 207,000 unemployed in November.

The rolling three-month average jobless rate stood at 4.3 percent in November, up 0.5 percentage points from twelve months earlier.

In November 2023, the average number of employed persons aged 15-74 increased by 18,000 to 4,736,000 compared with the same period of the previous year.

In the September-November period, the number of employed persons was 4,755,000. While the number of workers in the domestic primary labour market increased by 34,000 and the number of workers abroad by 13,000, the number of public employees decreased by 6,000.

Commenting on the figures, Sandor Czomba, the state secretary for employment policy, said the foundations of Hungary’s work-based society were strong, allowing for rising employment even despite the difficulties caused by war and sanctions.

Whereas 2023 had been the year of reducing inflation, he said, 2024 would be the year of restoring economic growth. Czomba said the government aimed to maintain dynamic wage growth so that the purchasing power of wages could rise by 4-5 percent this year.

The government also aims to restore consumption, keep the investment rate above 25 percent and raise the ratio of active workers to 85 percent from 78 percent in the 20-64 age group, he said. To this end, the government will launch a 2.6 billion forint (EUR 6.8m) targeted programme to boost the labour market, he added.

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