Hungary’s jobless rate was 4% in August, edging up 0.1 percentage point from the previous month and 0.2 percentage point from twelve months earlier, the Central Statistical Office (KSH) said on Tuesday.
The rate covers unemployment among people between the ages of 15 and 74. In absolute terms, there were 194,100 unemployed, up by 4,900 from the previous month, and by 8,700 more than a year earlier. The jobless rate for the 15-64 age group also stood at 4.0% in August.
KSH noted that data from the National Employment Service (NFSZ) show there were 256,000 registered jobseekers at the end of August, down by 25.8% from twelve months earlier.
ING Bank senior analyst Péter Virovácz said the number of economically active Hungarians had stabilised below 4.9 million. Labour supply, he added, could not be expanded under the current regulatory environment, adding to inflationary pressure as wages rise. He said the jobless rate would likely fall to 3.8% by year-end. K&H chief analyst Dávid Németh said Hungarians who returning to the labour market were being hired right away, preventing a decline in the jobless rate. Takarékbank head analyst András Horváth said Hungary could see a labour market shortage in the second half of the year like the one a year and a half earlier, driving up wages and creating upside inflationary risks. He forecasted the jobless rate at 4% in 2021 and projected a decline to 3.3% in 2022.
hungarymatters.hu
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