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Social Security enrollment increased by 35,500, and unemployment fell by 25,300. After adjusting for seasonality, the number of contributors rose by 37,700, while the number of unemployed dropped by 10,900. 2024 ended with 750,400 more affiliates and 602,400 fewer unemployed.

The national unemployment rate for October stood at 9.1%, similar to the 9.2% recorded a year ago, and seasonally adjusted figures show it was similar to September of this year. In October, national employment levels remained stable compared to September (seasonally adjusted).

Once seasonality is discounted, both employment (0.4% q/q) and hours worked (0.1% q/q) increased at a similar pace to Social Security affiliation (0.3% q/q). Additionally, the unemployment rate declined (to 11.3%), and the temporary employment rate remained stable (15.9%).

Social Security affiliation increased by 8,800 while unemployment by 3,200. After adjusting for seasonality, the number of contributors rose by 24,000, and the unemployed dropped by 14,000. In Q3 2024, affiliation grew by 0.3% QoQ SWDA (0.8% in Q2 2024), and unemployment declined by 0.8% QoQ SWDA (-2.1% in Q2 2024).

Social Security affiliation fell by 9,800 people, and unemployment decreased by 10,800, slightly worse than expected. Adjusted for seasonality, the number of contributors increased by 3,000, 22,000 less than in June, and the unemployed dropped by 4,000. The percentage of affiliates with temporary contracts stabilized.

The June 2024 national unemployment rate was 10.3%, up from 9.3% in June 2023. Seasonally adjusted, the rate was 10.7% and maintains a certain stability, as it has done since December 2023, after the strong rebound it showed between August and December of that year.

The January 2024 national unemployment rate was 12.7%, down from 13.7% in January 2023. Seasonally adjusted, the national rate decreased by 0.4 percentage points (p.p.) between December 2023 and January 2024, although it remains above the values observed in the middle of last year.

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.