Jobless Rate Falls to 3.9% in May

  • 30 Jun 2021 8:53 AM
  • Hungary Matters
Jobless Rate Falls to 3.9% in May
Hungary’s jobless rate was 3.9% in May, falling half a percentage point from the previous month and 0.6 pp from the same month a year earlier, the Central Statistical Office (KSH) said.

The rate covers unemployment among people between the ages of 15 and 74. In absolute terms, there were 189,400 unemployed, down 21,700 from the previous month and 25,600 less than a year earlier.

The monthly employment rate for the 15-74 age group rose to 62.6% in May, edging up 0.7 of a percentage point from a month earlier. In absolute terms, there were 4,606,500 employed, 47,200 more than a month earlier and up 54,700 from twelve months earlier.

Sándor Bodó, state secretary for employment policy at the Ministry of Innovation and Technology, told public broadcaster M1 that positive changes were taking place in the labour market, with an employment rate of 72.6% among all able-bodied people, while the jobless rate of 3.9% was a leading indicator in Europe.

He noted a strong private sector combined with a fall in the number of people working in public works schemes. Also, Hungarians are showing flexibility in the labour market, which has started to be more mobile, he added.

Even the hospitality and tourism sector is showings signs of picking up, he said. Further, he added, an increasing number of companies are signalling a shortage of skilled labour and difficulties finding seasonal workers in agriculture.

K&H lead analyst Dávid Németh said he expected labour market indicators to improve and a labour shortage to re-emerge soon.

Takarékbank lead analyst András Horváth said the labour market appeared to be recovering after the third wave of the pandemic, and might once again become tight by the late summer.

He said he expected the rate of unemployment to fall to 3.7% by late 2021.

Gábor Regős of Századvég said a chance for further improvement in the employment rate was foreseeable.

There might be a labour shortage particularly in the pandemic-hit sectors whose dismissed workers found employment elsewhere, he said.

  • How does this content make you feel?

XpatLoop Media Partner

Hungary Matters

Launched in January 2014, this newsletter published on week days covers 'everything you need to know about what’s going on in Hungary and beyond', according to its publisher the state media agency MTI.

Explore More Reports

  • Hungary's Jobless Rate is Among Lowest in EU

    Hungary's Jobless Rate is Among Lowest in EU

    • 3 Aug 2021 7:07 AM

    The number of job-seekers in Hungary has fallen to 259,000, almost 120,000 lower than last summer’s nadir, according to an innovation and technology ministry official.

  • Jobless Rate 4% in June

    Jobless Rate 4% in June

    • 29 Jul 2021 9:32 AM

    Hungary’s jobless rate was 4% in June, up from 3.9% in the previous month, the Central Statistical Office (KSH) said.

  • Jobless Rate in Hungary Rises to 4.4% in April

    Jobless Rate in Hungary Rises to 4.4% in April

    • 28 May 2021 8:18 AM

    Hungary’s jobless rate was 4.4% in April, climbing 0.4 percentage point from the previous month as well as from the same month a year earlier, the Central Statistical Office (KSH) said.

  • Hungary Jobless Rate 4.5% In February

    Hungary Jobless Rate 4.5% In February

    • 31 Mar 2021 12:12 PM

    The jobless number in February was 213,000, 46,000 more than in the same month a year earlier, rising 1 percentage point to 4.5%, the Central Statistical Office (KSH) said.