Money Matters - Simplified

Hungary's unemployment at 16-year high

Budapest -- Unemployment in Hungary hit a 16-year high of 11.4 percent, the Central Statistical Office reported from Budapest Monday.

The country measures the rate quarterly and the latest results cover December through February for workers age 15-74, the Budapest Business Journal reported.
Unemployment was up from the previous quarter's 10.8 percent and the latest figures came as a surprise to financial analysts, the agency said.

Accordingly, David Nemeth of ING Bank raised his unemployment forecast for the March-April period to increase to 12 percent, the report said. He forecast the rate would ease slightly to between 11 percent and 11.5 percent by the end of the year.

Copyright 2010 United Press International.

No votes yet