Portugal’s unemployment rate reached 6.7% in October, the highest level since March. The figures come from the preliminary estimate of the National Statistical Institute (INE) and indicate an increase of 0.1 percentage point compared to the previous month, September, and 0.6 percentage point compared to October 2022. In total There are 353.4 thousand people without jobs, of which almost 190 thousand are women. They correspond to 54% of the unemployed in Portugal.
“In October 2023, the unemployment rate stood at 6.7%, representing the highest value since March 2023 (6.8%), while the inactivity rate (31.3%) was only a tenth higher than that of the previous month (31, 2% in September). 2023)”, INE emphasizes. This also shows that the underutilization of labor was 11.9%, 0.1 percentage point more than in September and 0.4 percentage point higher than in October 2022.
As for the unemployed population, preliminary estimates for October point to the already mentioned 353.4 thousand people, representing an increase of 1.4% compared to September and 11.1% compared to October last year.
The activity rate (68.7%) was slightly below the highest value in the series – 68.9% in August 2023 – that started in 1998. The working population (4.930 million) and employment rate (64.1%) kept the downward trend trend that started in September. .
INE explains that the active population decreased by 4,500 people compared to the previous month (0.1% less out of a total of 5.283 million), while the inactive population increased by 6,100 (0.3% more than in September, although it has decreased by 2.2% compared to October 2022) for a total of 2.408 million.
“The evolution of the active population was the result of the decrease in the working population (9,100; 0.2%), which was greater than the increase in the unemployed population (4,700; 1.4%),” INE said, adding adding that the variation in the inactive population is mainly due to the increase in the number of other inactive people (8100 persons; 0.4%).
Finally, the increase in the active population (86,800, plus 1.7%) compared to October 2022 was due to the increase in both the working population (51,700 people, plus 1.1%) and the unemployed population (35,200 people ; more 11.1%). The inactive population decreased by 53,600 cases (2.2% less), mainly due to the decrease in the number of other inactive people (34,800; 1.5% less).
The number of active men and women is almost equal – 2.640 million men and 2.643 million women – but men have a higher activity rate: 71.8% compared to 65.9% for women. It is therefore no surprise that the labor force participation rate, which stands at 64.1% overall, is 67.3% for men and 61.1% for women.
Also significant is the fact that the labor force participation rate among people over 25 is 69%, compared to 31% among young people between 16 and 24 years old. It is therefore no surprise that the unemployment rate, which stands at 6.7% of the total national population, is 5.6% for adults over 25 years old and 20.8% for young people between 16 and 24 years old.
INE also released the final figures for September yesterday, with the unemployment rate for that month revised upwards to 6.6% from 6.5% in the preliminary estimate. Compared to September 2022, there was an increase of 0.4 percentage points.
Ilidia Pinto is a journalist for Dinheiro Vivo
Source: DN
