The total number of employees in October was 4,714,000

By: Trademagazin Date: 2022. 11. 25. 10:56

Employment remains at a peak, 35,000 new jobs were created in the domestic primary labor market in one year, the number of public employees decreased by 14,000, and the number of people commuting abroad was 16,000 more compared to the same period of the previous year, so on average between August and October, the total number of employees was 4,714 thousand.

The number of new entrants decreased by 0.1% compared to the same period of the previous year

In the most recent month, 66.7% of the 15-74-year-old population was present on the labor market, compared to the seasonally comparable activity rate of 66.4% measured in the same month of last year. In the same month, the unemployment rate according to the international statistical methodology was 3.6%, following the 3.8% of the previous month and the 3.9% level measured in the same month of the previous year.

In October 2022, the register of the National Employment Service listed 235,600 jobseekers, which represents a slight increase compared to the summer, but is still low. Compared to the data of the same period of the previous year, this value is more than 10,000 people less. In the month in question, a total of 33,200 jobseekers requested to be registered at the competent district office, of which the proportion of those registering for the first time was 11.0%. The number of new entrants decreased by 0.1% compared to the same period of the previous year.

In October 2022, employers announced a total of 25,500 vacancies, so a total of 92,200 job opportunities were available in the month, of which 67,100 remained unfilled by the end of the month, after 66,700 in the previous month.
2022 III. quarter, the domestic labor market continued to show a growing image in the sectoral breakdown as well. The number of employees in agriculture decreased by 1,000, in the manufacturing industry by 3,000, and in the case of public services by 2,000, while the number of employees in the construction industry increased by 7,000 and in market services by 41,000.

The Hungarian labor market continues to produce stable and strong numbers, the negative internal and external factors have not yet had an impact, the labor market tightness is still close to the peak, based on the number of vacant positions, there is still a strong demand for labor. The war in Ukraine, the European energy crisis, the real economic effects of interest rate hikes and signs of a global recession have so far had no or only moderate impact, which is good news from the point of view of the resilience of the domestic market.

However, in the event of a European recession in the next period, the tightness of the labor market may decrease, primarily through the decline of vacant positions, which caution can already be felt on the part of companies. According to our expectation, the annual unemployment rate could be 3.7% this year, and the average rate next year could be 3.9%, but due to the effects of the global environment, uncertainty is stronger than the latter.

The still perceptible demand for labor also justifies the concerns about the increasingly strong inflationary risks, since the current level of labor market tightness and the mid-year wage increases trying to keep up with inflation accelerate the already rapid pace of wage growth even further, adding to the runaway energy and raw material costs.