labor force

In 2023, the average unemployment rate was 10.2% at the national level, decreasing by one percentage point with respect to 2022. Thus, labor variables showed resilience in a context of deceleration. However, by the end of the year, since September, a deterioration in the labor market to be monitored in 2024, was seen.

The demographic challenges facing developed countries are well known: rapid aging and populations that in are already beginning to shrink in some regions. Less well known, however, is that the demographic transition is already changing the landscape in the vast majority of developing countries.

In May 2022, the national unemployment rate was 10.6%. In seasonally adjusted terms, compared to April 2022, the national unemployment rate decreased 0.7 percentage points. National employment grew strongly in May 2022, reinforcing its upward trend that began since the end of last year.

April’s job creation was shockingly below expectations. The unemployment rate increased slightly as more people entered the labor force encouraged by vaccinations and reopenings. Overall, labor market conditions suggest that the recovery is still vulnerable.