Unemployment latest publications
U.S. economy showed further signs of strengthening with the labor market adding 4.8M jobs. While overall unemployment rates have declined, there remain significant disparities among groups.
Twenty years ago, the Spanish economy started its journey into the 21st century after joining the eurozone in 1999. Since then, Spain has faced two economic expansions and two intense crises of a very different nature, with important consequences for economic policy.
Unemployment in Uruguay reached 10.1% in March, reflecting the effect of measures implemented to contain the outbreak of the coronavirus, in a poorly performing labour market. We expect the unemployment rate to rise to 14.2% this quarter. What are the challenges for the labor market in the wake of the pandemic?
The COVID-19 crisis has brought the weaknesses of the Spanish labor market to light once again and it may have a permanent impact on the labor market. Avoiding such a situation must be one of the objectives of the Parliamentary Commission for Social and Economic Reconstruction.
With 2.5M jobs being added and the unemployment rate declining 1.4pp to 13.3% in May, it seems fair to assume that the economy has reached bottom and the recovery is underway.
Measures to support employment considering the paralysis and economic slowdown have been insufficient to halt the destruction of formal jobs, resulting in an unprecedented contraction in the formal employment. There is a high risk that job destruction became structural as more companies close permanently.
With 30M people filing for unemployment insurance since March 21st, the precipitous drop in nonfarm payrolls of 20.5M was not a surprise. However, the drop in employment over the past two months has all but erased the job gains since February 2011.
In Portugal, GDP could fall by about 6.5% in 2020, and the unemployment rate could exceed 10%, although uncertainty is particularly high, especially in relation to the duration of the restrictions imposed and their impact on different sectors. There are many scenarios that are still possible under reasonable assumptions.