Portugal’s cycle of rising unemployment has been going on for almost a year and is already the worst since the time of the Troika, according to new official data collected up to September and released yesterday by the National Statistical Institute (INE) .
The economy as a whole is still able to create jobs (on an annual basis it increased by 1.2% compared to September 2022), but there is a new problem: the volume of employment fell between August and September, something quite rare. This rarely happens in this time of year, according to a study conducted by Dinheiro Vivo (DV), which also used data from INE.
The monthly labor market statistics, which provide final employment and unemployment figures up to August and provisional figures up to September, are further unfavorable signs outlining the current situation in Portugal.
In terms of unemployment, there has now been an increase in the number of unemployed for eleven consecutive months (since November 2022), in what is the largest cycle of deterioration of this indicator since the time of the economic and financial crisis, which culminated in the bankruptcy of the country, in the collapse of the banks and then continued with the arrival of the troika (rescue) and the application of the adjustment program of the PSD-CDS government.
Source: DN
