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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 September, a deterioration in the labor market to be monitored in 2024, was seen.

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 202…

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 Oc…

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 the lowest unemployment rate for a September since 2016.

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 univers…

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 …

The June 2023 national unemployment rate was 9.3%, the lowest rate for a month of June since 2018. The decline in the June unemployment rate responded to a rebound in job creation (4.7% y/y) from 1.7% in May. Employment for the month was high at 23.1 million.

In May, unemployment showed mixed signals, with a reduction at the national level but an increase at the urban level. The service sectors led job creation and women were the main contributors to this creation, accounting for 99% of the jobs created compared to May 2022.