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The national unemployment rate in February 2024 was 11.7%, higher than the 11.4% in February 2023. On the year to February, employment grew 1.2% (260 thousand jobs), down from 2.5% (533 thousand jobs) in January 2024, continuing the trend of slowing annual job creation.
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.
Signs indicate a gradual slowdown/normalization of the labor market, with NIFB survey trends suggesting no acceleration in employment, alongside lower Job openings and quits indicating slower wage growth.
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 Septem…
Despite the labor market's resilience, the slowdown in job creation in 2023 is reflected by the 2.7 million additional jobs, considerably fewer than the previous year. The unemployment rate in December remained at 3.7%, largely explained by the…
The national unemployment rate in November 2023 was 9.0%, down from 9.5% in November 2022, and the urban rate was 8.7%, down from 9.1% a year earlier. Seasonally adjusted, the national rate increased by 0.2 p.p. between October and November 2023 and the urban rate by 0.1 p.p..
The October 2023 national unemployment rate was 9.2%, down from 9.7% in October 2022, and the urban unemployment rate was 9.0%, down from 9.9% a year earlier. Seasonally adjusted, the national rate increased by 0.3 p.p. between September and October 2023 and the urban rate decreased by 0.2 p.p..
Job creation in October (+150,000) was lower than consensus expectations (180,000), indicating a slowdown despite solid real GDP growth in previous quarters (4.9% in the third quarter of the year, SAAR).
September's national unemployment rate was 9.3%, down from 10.7% a year ago. Seasonally adjusted, the rate increased by 0.2 p.p. between August and September 2023, which is explained by the slowdown in the pace of job creation. However, it is t…
The August national unemployment rate was 9.3%, down 1.4 p.p. from August of last year and 1.9 p.p. from August 2019, making it the lowest rate for August since 2016. August's low unemployment rate responds to high employment levels, of 23.2 mi…
In this new issue of OTMT we analyse the evolution of the labour market up to September 2023. We take stock of the evolution of the main aggregate indicators and focus on the monitoring of the Labour Reform, the occupational mismatch of university workers, and the education and training of self-employed and entrepreneurs.
September 1, 2023
The national unemployment rate for July was 9.6%, 1.4 percentagepoints lower than last year's July rate (11.0%), being the lowest rate for themonth of July since 2015. On the margin, compared to June of this year, theunemployment rate was down 0.3 percentage points.
