In Hungary number of jobseekers increases y/y for the second month

The number of registered unemployed stood at 248,200 people in June, according to data by the labor agency. Their number rose by 3.1% y/y — the second straight month with a y/y increase, in our opinion indicating a sustained interruption to the downward trend usual for the previous months. We think that the data might thus indicate some slowdown in the economy, especially as the figures on vacancies have not been encouraging either. In particular, employers announced 30,000 new vacancies in June, 51.3% of which were under a form of subsidized employment. The number of new vacancies declined by 31.7% y/y. There were a total of 103,400 vacancies in the month, of which 75,700 remained vacant.

The registered unemployment rate was 5.3% in June, up by 0.1pps y/y. Calculated against the working-age population, the registered unemployment rate was 3.7%. Some 38,700 people registered as newly unemployed at the labor agency during the month, down by 4.5% y/y. Out of the total number of jobseekers, 8.9% were new entrants on the labor market and 27.4% were long-term unemployed. The share of long-term unemployed rose by 0.4pps y/y.

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