The number of those unemployed in August 2023, was 195,000, while the unemployment rate was 4.0%, the Hungarian Central Statistical Office (KSH) reported on Friday.
In the period of June-August 2023, the number of unemployed people aged 15-74 increased by 34,000 to 200,000, while the unemployment rate rose by 0.7 percentage points to 4.1 percent compared to the same period of a year earlier. Among men, the number of those unemployed was 103,000, and the unemployment rate rose by 0.4 percentage points to 4.0 percent. Among women, the number of unemployed was 96,000, and the unemployment rate increased by 1.0 percentage point to 4.2 percent.
The number of unemployed people aged 15-24 was 43,000, with an unemployment rate of 13.6%. This age group accounted for 21.5 percent of the total unemployed. The unemployment rate for the 25-54 age group rose by 0.6 percentage points to 3.5 percent, while the unemployment rate for the 55-74 age group remained virtually unchanged at 3.0 percent. The average time spent looking for a job was 9.3 months, and 36.6 percent of those unemployed had been looking for a job for at least a year.
Based on the administrative data of the National Employment Service, the number of registered jobseekers fell by one percent to 229,000 by the end of August compared to the previous year.
The latest figures show that
4,709,000 people were employed in August 2023, 12,000 more than a year earlier, while unemployment is the seventh lowest in the EU.
Sándor Czomba, Minister of State in charge of employment policy at the Ministry of Economic Development, stressed that this result shall be maintained and that the aim is to make 2023 a year of falling inflation and 2024 a year of economic growth. The government is fighting inflation caused by the sanctions due to, among other things, online price monitoring systems and mandatory discounts, while supporting economic growth through the Baross Gábor Capital Program, the Széchenyi Card program, and the interest rate freeze. The measures seem to be working, with food inflation already halved and economic development programs contributing 1.5 percentage points to growth.
Via MTI, Featured image: Pixabay