Unemployment Rate Falls to 5.8% in Third Quarter
The unemployment statistics have shown a positive trend in the third quarter of the year. The unemployment rate has decreased to 5.8%, according to the latest report from the National Institute of Statistics (INE).
Overview of Unemployment Trends
From July to September, the number of unemployed individuals is estimated at 326,600. This figure marks a decrease of 0.9%, translating to 2,900 fewer people without jobs compared to the previous quarter. Furthermore, the number has dropped by 2.4% or 8,100 individuals compared to the same period last year.
Youth Unemployment Rate
Despite the overall decline, the youth unemployment rate, which includes individuals aged 16 to 24, presents a mixed picture. The youth unemployment rate is currently at 18.8%. This figure has increased by 0.7 percentage points compared to the previous three months but has reduced by 0.9 percentage points when compared year-over-year.
Underemployment Statistics
Additionally, the underutilization rate of the workforce stands at 9.9%. This statistic indicates a reduction of 0.2 percentage points from the last quarter and a decline of 0.5 percentage points year-on-year.
- Unemployment Rate: 5.8%
- Estimated Unemployed Population: 326,600
- Decrease in Unemployed Individuals: 2.9% from previous quarter
- Youth Unemployment Rate: 18.8%
- Underemployment Rate: 9.9%
The reduction in unemployment rates is a positive indication of economic recovery. Continued monitoring of these trends is essential for understanding the labor market’s overall health.
