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Unemployment rate at 4.3% in August-October

Figures

In August-October 2020, the unemployment rate in Hungary reached 4.3%, up 0.8 percentage points year-on-year, while the number of unemployed people stood at approximately 202,000, according to data released by the Central Statistical Office (KSH).

The number of unemployed people aged 15–74 grew by 39,000 compared to August-October 2019. Among men, the number of unemployed increased by 24,000 to 107,000 and the unemployment rate grew by 0.9 pp to 4.2%. In the case of women, the number of unemployed rose by 15,000 to 95,000 and the unemployment rate increased by 0.7 pp to 4.5%

Among people aged 15–24, the number of unemployed decreased to 38,000 and the unemployment rate to 12.2%. Nearly one-fifth of the unemployed belonged to this age group. Unemployment rates for people aged 25–54 grew by 0.9 pp to 3.9%, and for people aged 55–74 increased by 1.2 pp to 3%.

The average duration of unemployment was 11 months; 31.4% of unemployed people had been looking for a job for one year or more.

Unemployment rate at 4.3% in October 2020

The average number of unemployed people in October 2020 was 199,000, and the unemployment rate stood at 4.3%

The number of unemployed people increased by 31,000and the unemployment rate rose by 0.7 pp compared to October 2019.

Compared to the previous month, September, the number of unemployed decreased by 23,000 and the unemployment rate by 0.4 pp. As the level of employment also decreased, the two groups together increased the number of inactive people by 53,000.

The number of those who did not look for work due to the spread of the epidemic and the re-introduced restrictions increased, KSH noted.

At the end of October 2020, the total number of registered jobseekers increased by 27.9% year-on-year to 306,000, according to administrative data by National Employment Service.

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