The unemployment rate in Hungary fell below 4 percent in July. By comparison, unemployment in the euro area is almost twice as high. Employment reached a historic high, with more than 4.7 million people working in Hungary. The demand for labour is gradually increasing, which predicts a dynamic increase in average wages. The Hungarian National Bank (MNB) forecasts an annual increase of 7.5 percent in average salaries for this year, next year and in 2023.