Analysts: Hungary’s labor market could be close to full employment

By: Trademagazin editor Date: 2022. 04. 29. 11:22

Hungary’s labor market could be close to full employment and the already significant labor shortage will cause even more serious headaches for companies as production chains recover and supply constraints ease. The worsening labor shortage also confirms concerns about upside risks to inflation, analysts told MTI after evaluating the latest data.

The Hungarian economy is close to full employment

According to data published by the Central Statistical Office (KSH) on Thursday, the average number of unemployed in the first quarter of this year was 181,000, and the unemployment rate was 3.7 percent. The number of unemployed people aged 15-74 fell by 34,000, while the unemployment rate fell by 0.8 percentage points in one year. The number of employees in March was 29 thousand more than in the previous month and increased by 81 thousand in one year. In the three-month period of January-March, the average number of employees was 4,674,000, 107,000 more than in the same period of the previous year. (MTI)