Unemployment Rate Stagnant at 4.2% in December

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The unemployment rate in Hungary stood at 4.2% in December, remaining practically unchanged compared to the previous month, according to data published by the Central Statistical Office (KSH).

The number of unemployed persons stood at 207,000.

According to the administrative data of the National Employment Service. the number of registered jobseekers decreased by 2.3%, hitting 225,000 by the end of December.

In the October–December 2023 period, the number of unemployed persons aged 15–74 increased by 31,000 to 220,000, while the unemployment rate rose by 0.6 percentage points to 4.4%. Among males, the number of unemployed persons was 113,000, their unemployment rate going up by 0.4 percentage points to 4.3%. Among females, the number of unemployed people was 107,000, their unemployment rate rose by 0.8 percentage points to 4.5%.

The number of unemployed people aged 15–24 years was 46,000, their unemployment rate being 14.7%. This group accounted for 21.1% of all unemployed. The unemployment rate for 25-54year olds rose by 0.4 percentage points to 3.9%, while for 55-74-year olds remained essentially unchanged at 3.2%.

The highest unemployment rate was in Northern Hungary (7.3%), and the lowest in Central Transdanubia (2.2%). Compared to the same period of last year, the highest increase in the unemployment rate was in Southern Transdanubia (1.8 percentage points), while the lowest increase was in Western Transdanubia and Budapest (equally by 0.2 percentage points).

The average duration of job search was 9.3 months, 34.2% of the unemployed had been looking for a job for at least a year.

2023 Unemployment Reaches 4.1%

In 2023 the number of unemployed people in Hungary increased by 27,000 to 203,000 and the unemployment rate grew by 0.5 percentage points to 4.1%.

The number of unemployed was 107,000 for men and 96,000 for women, with unemployment rates of 4.1% and 4.2%.

For the year as a whole, the average duration of job search was 9.3 months and the share of jobseekers looking for a job for at least a year reached 34.9%.

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