Stable labor market awaits the effects of tariffs

By: Trademagazin Date: 2025. 04. 28. 11:24

In March, the number of employed persons among the working-age population aged 15-74 was 4 million 701 thousand, which is more than 18 thousand people higher than the February level, but 9.5 thousand people lower than a year earlier. In March 2025, the monthly unemployment rate reported by the Central Statistical Office decreased by 0.2 percentage points to 4.3%, which was lower than our expectations and the market consensus (4.5%). In March, the number of unemployed persons decreased by 8.7 thousand people compared to the previous month, while it decreased by 5.2 thousand people compared to the data a year earlier.

The number of economically active persons increased by 10 thousand people in one month, but was nearly 15 thousand people lower than what was seen at this time last year. The larger population decline seen in February was followed by a smaller decline of 5.5 thousand people in March for the 15-74 age group. In the three-month data, the unemployment rate fell by 0.1 percentage points to 4.3%, compared to 4.6% a year earlier. In the January-March period of 2025, the average number of employed people among those aged 15-74 was 4 million 692 thousand, which is 2 thousand higher than the previous year’s level. According to the records of the National Employment Service, the number of registered job seekers at the end of March was 232.5 thousand, which shows a decrease of 1.5 percentage points compared to a year earlier, but shows a minimal increase of 0.1% on a monthly basis.