The national unemployment rate was 8.7% for the January–March 2024 quarter (JFM 2024), according to information from the National Employment Survey (ENE), which is produced by the National Statistics Institute (INE).
The national unemployment rate increased 0.1 percentage points (pp) year on year, which was a result of the lower level of growth in the labour force (3.2%) than in employed persons (3.4%). The expansion in the number of unemployed persons (1.7%) was influenced by the rises in first-time job seekers (13.0%) and the redundant (0.5%).
Compared to the same period in the previous year, the participation rate increased 1.4 pp to stand at 62.4%, and the employment rate increased 1.3 pp to stand at 57.0%. In the same period, the decrease in the population outside the labour force (-2.7%) was exclusively influenced by the fall in the routinely inactive (-4.9%).
The unemployment rate for women stood at 9.5%, showing no twelve-month variation, which can be attributed to the similar level of growth in the labour force (4.2%) and employed women (4.1%). In the same period, the number of unemployed women increased 4.9%. For women, the participation rate rose 1.7 pp to stand at 52.8%, and the employment rate rose 1.5 pp to stand at 47.8%. In the same period, the number of women outside the labour force fell 2.5%.
The unemployment rate for men fell 0.3 pp year on year to stand at 8.0%. The fall can be attributed to the lower level of increase in the labour force (2.5%) than in employed men (2.8%). In the same period, the number of unemployed men decreased 1.1%. For men, the participation rate rose 1.0 pp to stand at 72.4%, and the employment rate rose 1.2 pp to stand at 66.6%. The number of men outside the labour force decreased 2.9%.
Increase in employed persons
The number of employed persons increased 3.4% year on year, which can be attributed to the rises in women (4.1%) and men (2.8%).
By economic sector, the growth in employed persons can be attributed to the rises in commerce (5.1%), public administration (6.8%), and households as employers (12.5%). By occupational category, the growth in employed persons can be attributed to the rises in formal wage earners (3.4%), informal wage earners (6.3%), and own-account workers (1.1%).
Labour informality
The informal employment rate rose 0.7 pp year on year to stand at 28.1%. The increase in the number of informally employed persons (5.8%) can be attributed to the rises in women (7.8%) and men (4.1%). By economic sector, the increase can mainly be attributed to the rises in commerce (13.3%) and households as employers (22.5%).
Seasonality
The seasonally adjusted unemployment rate (which eliminates the effects of exogenous seasonal factors of a non-economic nature that influence its current behavior) stood at 8.5%, a decrease of 0.1 pp compared to the previous moving quarter.
Working hours and indicators of labour underutilization
The volume of work, as measured by the total number of hours per week actually worked by employed persons, increased 2.7% year on year. In contrast, the average number of hours worked fell 0.9% to stand at 36.3 hours. Men worked an average of 39.2 hours while women worked an average of 32.5 hours.
The combined rate of unemployment and potential labour force increased 0.3 pp year on year to stand at 17.0%. This indicator stood at 14.3% for men and 20.4% for women. The gender gap was 6.1 pp.
Metropolitan Region
In the Metropolitan Region, the unemployment rate for the January–March 2024 quarter decreased 0.5 pp year on year to stand at 9.6%. In the same period, the estimated increase in the total number of employed persons was 2.3%. By economic sector, the main influences on the increase were the rises in commerce (6.0%), households as employers (14.5%), and education (4.9%).
ENE National Bulletin no. 306: January–March 2024
ENE Bulletin for Metropolitan Region no.94: January–March 2024 (in Spanish)
ENE Statistical Note, no.24: January–March 2024 (in Spanish)
National Employment Survey (ENE) Presentation of Results – 30 April 2024 (in Spanish)