Employment in the primary labor market increased by 87,000 people, the role of public employment is decreasing.
Although unemployment temporarily increased somewhat in January on a seasonal basis, on an annual basis the number of employed persons rose significantly, based on the first month's data, by more than one hundred thousand people. According to analysts, the crisis did not seriously affect the labor market either.
The number of unemployed people was 201,000 in January 2022, and the unemployment rate was 4.2 percent, in the period November 2021 - January 2022, the average number of unemployed people was 183,000 people, the unemployment rate was 3.8 percent - the data was published on Friday the Central Statistical Office (KSH).
In his commentary, Gábor Regős, Századvég's macroeconomic business manager, highlighted that employment decreased from December to January and unemployment increased, but seasonal factors played a role in this, since employment in January is typically lower than in December of the previous year, which is due to lower retail sales after the holidays and related lower employment explains.
He explained that on an annual basis, the number of employed people rose significantly, by more than one hundred thousand people based on the January data, and by more than seventy thousand people based on the three-month average, and the unemployment rate also decreased significantly.
He emphasized that employment in the primary labor market increased by 87,000 people, while the role of public employment continues to decrease.
In his summary, Gábor Regős stated that employment is stable at a high level in Hungary, there are still minimal reserves, but their mobilization and integration into the labor market is becoming more and more difficult, so if the demand for labor remains high, it may result in a worsening of the labor shortage.
Source and full article: magyarhirlap.hu
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