Unemployment Rate at 3.8% in May

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The unemployment rate in Hungary stood at 3.8% in May 2023, according to data published by the Central Statistical Office (KSH).

The number of unemployed people stood at 186,000.

According to the administrative data of the National Employment Service, the number of registered jobseekers decreased by 2.1% y.o.y. to 229,000 at the end of the month.

At the end of May 2023, compared to a year earlier:

Unemployment Rises in March-May

In the March–May 2023 period, the number of unemployed persons aged 15–74 increased by 27,000 to 191,000, while their unemployment rate rose by 0.5 percentage points to 3.9%. Among males, the number of unemployed persons was 104,000, and their unemployment rate was up by 0.4 percentage points to 4%. Among females, the number of unemployed people was 88,000, and their unemployment rate rose by 0.7 percentage points to 3.8%.

The number of unemployed people aged 15–24 years was 36,000, with an unemployment rate of 12%. This age group accounted for 18.7% of all unemployed. The unemployment rate for 25-54-year-olds rose by 0.5 percentage points to 3.5%, while for 55-74-year-olds it was unchanged at 3.1%.

The average duration of job search was 9.7 months, and 36.3% of the unemployed had been looking for a job for at least a year.

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