According to the latest data from the Hungarian Central Statistical Office (KSH), the average number of employed aged 15-74 in March was 4,697,000, 29,000 more than in the previous month and 81,000 more year-over-year.
In January-March, the number of people working in the primary labor market increased by 103,000, the number of Hungarian households working abroad increased by 14,000, and the number of people in public employment decreased by 10,000 compared to a year earlier.
The 107,000 increase in the number of people employed was helped by a 34,000 decrease in the number of unemployed and a 73,000 increase in the number of new entrants to the labor market. The economically inactive population decreased by 118,000 compared to the first quarter of last year, together with a 45,000 decrease in the population aged 15-74. According to KSH calculations, the potential labor reserve stood at 299,000 in the first quarter, down 137,000 from a year earlier and falling below 300,000 for the first time since the fourth quarter of 2019.
Among those aged 15-64, 4,569,000 were classified as employed, 92,000 more than a year earlier. The employment rate for the age group was 74.0 percent, 2.2 percentage points higher than a year earlier. The number of unemployed in this age group decreased by 31,000, and the active population in the labor market increased by 61,000.
The employment rate for young people aged 15-24 increased by 0.5 percentage points to 27.4 percent. The so-called prime-working age group of 25-54 increased by 2.2 percentage points to 87.8 percent, while the older age group of 55 to 64-year-olds increased by 3.4 percentage points to 64.6 percent.