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Morning Summary: Wage Growth Picked Up to 9.8% in February

HUNGARY
  • Covid daily new cases continue to decrease with the 7D SMA falling to 2,400, down from 9,300 (March 26 high) and from 3,700 the previous week. As the vaccination campaign accelerates, officials allowed cafes and bars to reopen terraces last weekend.
  • Hungary's plan to channel as much as $4 billion of European Union stimulus money to university boards run by Prime Minister Viktor Orban's allies is causing concern at the European Commission, which must approve use of the funds and can petition to withhold disbursements (BBG).
  • Yesterday, January-March unemployment rate came in at 4.5% (lower than 4.7% expected) according to the Hungarian Statistics Office.
  • This morning, average gross wages rose to 9.8% in February, up from 9.5% the previous month.
  • Next economic data is March PPI YoY coming out on April 30.
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