Methodology of Monthly Labor Market Data Estimation at the Hungarian Central Statistical Office

Abstract

One important characteristic of any country's economy is the evolution of its labor market processes. Therefore, it is important for decision-makers to obtain picture of these processes as fast and accurate as possible. The labor force survey has a particularly important role where information can be derived from. Traditionally, estimates are made on a quarterly basis, but in our rapidly changing world, there is an increasing need for more frequent information. In this study, we discuss how the Hungarian Central Statistical Office (HCSO) prepares its monthly estimates using a state space model for the key labor market indicators.}