Employment is at a peak, unemployment is at a record low

Photo: Magyar Hírlap

The number of employed people in Hungary has not been this high since the regime change, in June 4,740,000 people worked, which means an increase of nearly 50,000 compared to the previous year, said Zsolt Kutnyánszky.

The state secretary responsible for industry and the labor market announced that full employment in our country is within reach, and the unemployment rate has decreased to 3.2 percent, which has not been lower than the Central Statistics Office has measured in the last three decades, according to the announcement of the Ministry of Technology and Industry (TIM).

The labor market has withstood the past waves of the coronavirus epidemic and the challenges of the Russian-Ukrainian war so far, which was supported by the government's measures to preserve jobs and encourage the creation of new ones. The number of employed people in the domestic primary labor market remains at a record high, exceeding 4.5 million. On average, the number of people at work in the last three months amounted to 4,693,000 people, which is the highest number of people in this period of the year since 2010.

The employment rate of the population aged 15–64 improved to 74.3%, which is the highest value measured so far since the change of system. The rate of growth was 1.5 percentage points compared to the level of a year earlier, and 18.1 percentage points compared to the change of government in 2010.

In an international comparison, the unemployment rate is still one of the lowest in the EU, in May we ranked sixth in this regard. The number of registered jobseekers is also gradually decreasing, the number of 231,000 in July is the second lowest value of the last three decades. Zsolt Kutnyánszky assessed it as a success that "while before 2010 the youth unemployment rate was close to 30 percent, it has now dropped to a third, 10 percent, and their number has decreased by 12,000 compared to the level of a year ago. The government successfully encouraged the employment of those under 25 with a tax discount, which is a great result for a group that is sensitive to employability. Employment of this age group is also encouraged by the summer student work program, which is supported by the government with nearly three billion forints, under which approximately 22,000 students are currently working."

Source: Magyar Hírlap