Based on July data, the number of employed people in Hungary was 4 million 714 thousand, and the unemployment rate is low compared to a year ago. According to the prognosis of the Makronom Institute, the latter will not grow for the time being.
The summary of the Central Statistical Office reveals that in July of this year, the number of employed persons aged 15-74 was 4 million 714 thousand. In May-July 2022, compared to a year earlier, 52 thousand more people, 4 million 699 thousand, had jobs. Gábor Regős, the professional leader of the Makronóm Institute, pointed out that the annual increase of 52,000 people, according to the three-month moving average, is due to the increase in the number of workers in the primary labor market and abroad. The number of public employees decreased by more than 11,000 people. While 57,000 more people worked in the domestic labor market, 6,000 more worked abroad.
The number of employed persons increased by 14,000 for men and 27,000 for women - this corresponds to an employment rate of 74.4 percent for the former and 69.7 percent for the latter. In the age group of 15-24-year-olds, the number of employed persons was 267,000, and their employment rate did not change, standing at 27.2 percent.
In July, 173,000 unemployed people were registered, so the unemployment rate was 3.5 percent. If we look at the May-July period, the number of unemployed was 160,000, which was 3.3 percent. In his analysis, Gábor Regős highlighted: "the deteriorating economic environment, primarily the Russian-Ukrainian war and the explosion of energy prices, may have played a role in the deterioration of the monthly data. At the same time, the three-month moving average does not show a decrease even on a monthly basis, i.e. from today's data it is not yet possible to draw a long-term conclusion regarding the trend of the coming months".
However, according to the prognosis of the professional leader of the Makronom Institute, from the point of view of the labor market processes of the next period
a critical factor could be the decreasing demand due to rising inflation, rising production costs due to the explosion of energy prices, the Russian-Ukrainian war and its sanctions effects.
"At the same time, due to the increasingly significant labor shortage, we do not expect a significant increase in the unemployment rate for the time being, since there is a significant amount of vacancies available in the economy. And the investments of businesses - including the large investments announced in the past period - contribute to the creation of new jobs," he said.
Source and full article: mandiner.hu
Featured image: Getty Images
