Unemployment Rate at 3.6% in October

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The unemployment rate in Hungary stood at 3.6% in October 2022, according to data published by the Central Statistical Office (KSH).

The number of unemployed people reached 176,000.

Aug-Oct Unemployment Also at 3.6%

In August-October 2022, the number of unemployed persons aged 15–74 years decreased by 10,000 to 174,000, and their unemployment rate by 0.2 percentage points to 3.6% compared to the same period of 2021.

Among males, the number of unemployed persons was 93,000, and the unemployment rate was up by 0.1 percentage point to 3.6%. Among females, the number of unemployed people was 81,000, and the unemployment rate fell by 0.6 percentage points to 3.5%.

The number of unemployed people aged 15–24 years fell to 32,000 and their unemployment rate by 3.4 percentage points to 10.3%, however, they accounted for 18.4% of total unemployment. The unemployment rate of the 25–54 age group remained unchanged at 3.2%, while that of the 55–74-year-olds was up slightly (by 0.1 percentage points) to 2.8%.

The average time spent looking for a job was 9.1 months, and 32.1% of the unemployed had been looking for a job for at least a year, KSH notes.

The number of registered jobseekers at the end of October decreased by about 4.3% year-on-year to 236,000, according to the administrative data of the National Employment Service.

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