4.67 million people work in Hungary!

As we reported yesterday, Hungary’s jobless rate was 3.7 percent in November, down from 3.9 percent in October, the Central Statistical Office (KSH) said on Wednesday. The rate covers unemployment among people between the ages of 15 and 74. In absolute terms, there were 179,200 unemployed, 9,400 fewer than in October and 10,200 fewer than in the same month a year earlier.

The rolling average jobless rate was 3.6 percent in the three months to November. KSH noted that data from the National Employment Service (NFSZ) show there were 242,000 registered jobseekers at the end of November, down by 18.3 percent from twelve months earlier.

The employment rate for the 15-74 age group was 63.7 percent in November, down from 63.8 percent in October. In absolute terms, there were 4,677,500 employed, 10,300 fewer than in October but 45,100 more than twelve months earlier. The number of economically active people in the age group stood at 4,856,600, an activity rate of 66.1 percent.

Analysts told MTI that Hungary was recording near full employment, and robust growth in the labour market may soon taper off.

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Gábor Regős of the Századvég Institute highlighted the increasing labour shortage, adding that only by creating more value-added jobs could the economy expand further.

András Horváth of Takarékbank noted that a market characterised by labour shortages and strong wage competition last seen a year and a half ago had reemerged towards the end of the year, with associated upside risks to inflation.