Published: November 30 2023
The labor market in Budapest is showing signs of strength and stability despite the difficult economic situation. The number of jobseekers in November 2023 has reached a record low, reflecting the positive state of the labor market.
Decrease in Jobseekers
Data from the National Employment Service (NFSZ) reveals that there were only 226,129 jobseekers registered in November 2023, which is a decrease of over 7,000 compared to the previous year. This decline indicates the stability and strength of the domestic labor market.
Rise in Employment and Activity Rate
Hungary has experienced a significant increase in employment, with 1 million more people in work compared to 2010. This rise in employment has also been accompanied by a historic increase in the activity rate. Additionally, the country's unemployment rate remains one of the lowest in the European Union.
Government Initiatives
The government aims to activate the unemployed by providing training, retraining, and measures to increase labor market participation. A substantial increase in the minimum wage in December is expected to further boost activity and contribute to a significant increase in the number of people employed.
Conclusion
Budapest's labor market is thriving, as evidenced by the record low number of jobseekers in November 2023. The government's efforts to increase employment and labor market participation are playing a significant role in maintaining the strength and stability of the domestic labor market.
Questions & Answers
What is the current number of jobseekers in Budapest? According to data from the National Employment Service, in November 2023, there were only 226,129 jobseekers registered in Budapest.
Has the number of jobseekers in Budapest decreased compared to last year? Yes, the number of jobseekers in Budapest has decreased by more than 7,000 compared to November last year.
How does the decrease in jobseekers reflect the labor market in Hungary? The decrease in jobseekers reflects the stability and strength of the domestic labor market in Hungary.
How does the employment rate in Hungary compare to 2010? Since 2010, Hungary has experienced a rise in employment of 1 million people. This increase in employment has been accompanied by a historic increase in the activity rate.
Is the unemployment rate in Hungary low compared to other countries in the European Union? Yes, the unemployment rate in Hungary remains one of the lowest in the European Union.
What measures is the Hungarian government taking to activate the unemployed? The Hungarian government aims to activate the unemployed through training, retraining, and measures to increase labor market participation.
How might the increase in the minimum wage in December impact employment in Hungary? The substantial increase in the minimum wage in December could further boost activity beyond the increase in real earnings, potentially leading to a large increase in the number of people in employment.
