Job Search Timeline in Hungary
Hungary’s jobless rate remained steady at 4.2% in August, according to data released by the Central Statistics Office (KSH) on Friday. While this rate was unchanged from July, it was slightly higher compared to the same period last year when it stood at 4.0%. In absolute terms, there were 209,900 unemployed individuals in August, with a slight increase from July.
The rolling three-month average jobless rate saw a slight increase to 4.3% in August, up from 4.2% in July and 4.1% from the previous year. The monthly jobless rate for the 15- to 64-year-old age group was also steady at 4.2% in August, showing no change from July but up from 4.0% compared to the previous year.
KSH uses the International Labour Organisation (ILO) definition of joblessness, which includes individuals who are without work, actively seeking employment, or making arrangements for future job opportunities.
Data from the National Employment Service (NFSZ) indicated that there were 225,000 registered jobseekers at the end of August, a 1.7% decrease from the previous year. The employment rate for the 15-74 age group was at 65.2% in August, slightly down from July but up from the previous year. In total, there were 4,747,900 people employed in August.
Additionally, a report from Telex revealed that 108,000 Hungarians are currently working abroad. The average time to find a new job in Hungary is 9.8 months, with the number of economically active people increasing to 4,957,900, resulting in an activity rate of 68.1%.
Sándor Czomba, the state secretary for employment policy, expressed that the government’s programs to enhance labor market participation are showing positive results. With targeted measures and subsidies schemes, more economically inactive individuals are being matched with job opportunities.
Moving forward, the government aims to increase the employment rate among 20- to 64-year-olds from 81% to 85% by tapping into the 300,000-person “labor market reserve.” This initiative aims to further boost employment opportunities and address joblessness in the country.
