2010.08.2704:10:00UTC+00Hungary May.-July Jobless Rate Drops

Hungary's unemployment rate dropped in the May to July period from the previous three months, a report from the Central Statistical Office showed on Friday.

The jobless rate was 11% in the May to July period, down from 11.1% in the previous three months ending June. Economists had expected the jobless rate to remain unchanged at 11.1%. A year earlier, the rate was 9.7%.

The number of unemployed persons totaled 467,200 in the May to July period, smaller than 473,300 in the previous three months. At the same time, the number of employed rose to 3.79 million from 3.78 million.

Meanwhile, the employment participation rate slightly rose to 55.4% from 55.3% in the April to June period. Similarly, the economically active population increased to 4,256 thousand from 4,252 thousand.

Hungarian economy stagnated in the second quarter after recovering slightly in the first three months of the year. The gross domestic product remained unchanged in the June quarter, compared to a 0.6% increase in the previous quarter.

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