Unemployment Rate Drops to 5.8% in Q3
The latest data from the National Institute of Statistics (INE) reveals a decline in the unemployment rate for the third quarter of 2023, landing at 5.8%. This figure marks a decrease of 0.1 percentage points compared to the previous quarter and a 0.3 percentage-point drop from the same period in 2022.
Key Unemployment Statistics
- Unemployed Population: Approximately 326.6 thousand people
- Quarterly Change: Decreased by 0.9% (about 2.9 thousand people)
- Yearly Change: Decreased by 2.4% (around 8.1 thousand people)
- Youth Unemployment Rate (ages 16 to 24): 18.8%, increased by 0.7 percentage points from the previous quarter, but decreased by 0.9 percentage points year-on-year
- Underemployment Rate: 9.9%, down by 0.2 percentage points compared to the last quarter and by 0.5 percentage points year-on-year
Analysis of Trends
The reduction in the overall unemployment rate suggests positive labor market developments. Despite the rise in youth unemployment, the trends indicate a downward trajectory for general unemployment. The underemployment rate’s decline further emphasizes improvements in job quality and availability.
Conclusion
These statistics from the INE illuminate ongoing changes in the employment landscape, with a notable shift towards addressing unemployment and underemployment. Monitoring these trends will be crucial for understanding economic recovery and labor market health moving forward.
