Unemployment Rate at 4.1% in October

HR

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The unemployment rate in Hungary stood at 4.1% in October 2023, up from 3.9% in September, according to data by the Central Statistical Office (KSH).

The number of unemployed persons came to about 202,000.

According to the administrative data of the National Employment Service, the number of registered jobseekers decreased by 4% year-on-year to 226,000.

August-October Unemployment at 4.3%

In the August–October 2023 period, the number of unemployed persons aged 15–74 increased by 37,000 to 211,000, while their unemployment rate rose by 0.7 percentage points to 4.3% compared to August-October 2022. Among males, the number of unemployed persons was 111,000, and their unemployment rate was up by 0.7 percentage points to 4.3%. Among females, the number of unemployed people was 100,000, and their unemployment rate rose by 0.7 percentage points to 4.3%.

The number of unemployed people aged 15–24 years was 44,000, with an unemployment rate of 13.8%. This group accounted for 20.7% of all unemployed. The unemployment rate for 25-54-year-olds rose by 0.5 percentage points to 3.7%, while for 55-74-year-olds it was up by 0.5 percentage points to 3.3%.

The average duration of job search was 9 months, and 36% of the unemployed had been looking for a job for at least a year, KSH notes.

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