Nr of unemployed Hungarians up, 20 pc of the inactives are 15-24 yo

Hungary’s unemployment rate stood at 3.9 percent in July, edging up from 3.8 percent in June and up from 3.5 percent twelve months earlier, the Central Statistical Office (KSH) said on Friday.

The rate covers unemployment among people between the ages of 15 and 74. In absolute terms, there were 193,700 unemployed in July, 6,300 more than in June and 22,600 more than twelve months earlier. The rolling three-month average jobless rate stood at 4.0 percent in July, up from 3.9 percent in June and climbing from 3.3 percent twelve months earlier.

The state secretary for employment policy said that the latest data showed that Hungary’s government was making every effort to protect families, pensioners and jobs despite a difficult economic situation resulting from the war and sanctions. The number of jobholders increased by 32,000 in one year, Sándor Czomba said. The government has achieved almost full employment, with 4.745 million people holding jobs, he added.

According to index.hu, the number of 15-24 yo inactive Hungarians was 41 thousand, their unemployment rate is 13.2 pc. Meanwhile, 20.6 pc of the number of unemployed are between the ages of 15 and 24. Gábor Regős, a leading analyst of the Makronóm Institute, said there is space to employe more people in Hungary, but the low wages and the decrease of the real wages inhibit that. Furthermore, he said that after a temporary decrease in the number of Hungarians working abroad, the trend changed. As a result, 14 thousand more Hungarians work abroad than in 2022 August.

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