The average number of people that worked in Hungary in the October-December was 4.481 million, which corresponds to an annual growth of 34,000 people and signals the deceleration of employment growth. In the meantime, the number of unemployed people dropped by 8,000 to 167,000, and the jobless rate dropped 0.2% percentage points to 3.6%. This also shows slower dynamics and suggest that employment could be close to its peak and the rate of unemployment could be close to its lowest point.
According to data published by the Central Statistical Office (KSH) on Wednesday, the number of employed people increased by 0.8% to 4.481 million in the fourth quarter of 2018, which is 34,000 more than a year earlier.
In October-December 2018
The number of people working on the primary labour market grew by 73,000 yr/yr, while the number of those employed in public works dropped by 47,000, and the number of those that work at local units abroad changed “within the limits of sampling error", or in fact by 7.3% (by 7,500 people to 110,500).
The employment rate of people aged 15-64 edged up by 0.7 percentage point to 69.5%, while that of people in the 15-74 age group rose to 60.4%. Improvement occurred at both sexes, but the employment rate of men was higher.
The employment rate of people aged 20-64 - the coverage regarding the development of employment objectives defined in the Europe 2020 Strategy - grew by 0.7 percentage point to 74.7%. The European Union targeted to raise the average employment rate to 75% by 2020; in Hungary, the employment rate of this age group is currently 82.3% for men and 67.1% for women.
In Q4 2018, the average number of unemployed people was 167,000, down 8,000 yr/yr, and the unemployment rate decreased by 0.2 percentage point to 3.6%. Among men a little growth occurred, while the indicators of women improved.
In January-December 2018
The number of the employed increased by 48,000 to 4.469 mn. The employment rate in the 15-64 age group was 69.2%, up 1.1ppt over 2017.
The number of people employed on the primary labour market was 99,000 larger than in the base period, while the number of people declaring to work in public employment decreased by 46,000 and that of those working at local units abroad fell within the limits of the sampling error, by 5,000.
The number of the 15-74 year-old unemployed decreased by 20,000 to 172,000, and the unemployment rate diminished by 0.4 percentage point to 3.7%.
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