Between January and March, the number of employed people was 4,725,000, which indicates that the labor market is stabilizing. In recent months, we could observe a small decline, but now employment has not fallen any further. According to Portfolio’s calculations, after excluding Hungarians temporarily working abroad and civil servants (orange line) there are 4 million 553 thousand employed in our country.
Meanwhile, the increase in the unemployment rate seen in recent months has stopped. In the first quarter, 229,000 people were unemployed, the unemployment rate increased by 0.6 percentage points to 4.6% in one year. At the same time, the rate is slightly lower than the 4.7% record seen in the previous month.
The number of public workers has been between 50 and 70 thousand people in the past period, while the number of people working (temporarily) abroad is close to 110 thousand. The decrease in recent months was therefore only temporary.
Since the country was able to leave the economic recession behind, there is no need to expect a significant increase in unemployment in the next period. Experts predict a slow recovery of the economy in the next period, so it is expected that unemployment may decrease, albeit slowly, in the second half of the year.
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