The national unemployment rate was 8.5% for the December 2023–February 2024 quarter (DJF 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 faster rate of growth in the labour force (3.2%) than in employed persons (3.1%). The growth in the number of unemployed persons (4.9%) was influenced by the rises in the redundant (4.5%) and first-time job seekers (8.5%).

Compared to the same period in the previous year, the participation rate increased 1.4 pp to stand at 62.3%, and the employment rate increased 1.2 pp to stand at 57.0%. Meanwhile, the population outside the labour force decreased 2.7%.

The unemployment rate for women stood at 9.0%, showing no variation year on year as a result of the equal level of growth (4.2%) in both the labour force and employed women. In the same period, the number of unemployed women increased 4.3%. 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 48.0%. The number of women outside the labour force decreased 2.5%.

The unemployment rate for men rose 0.2 pp year on year to stand at 8.1% as a result of the faster rate of increase in the labour force (2.5%) than in employed men (2.3%). In the same period, the number of unemployed men increased 5.5%. For men, the participation rate rose 1.1 pp to stand at 72.3%, and the employment rate rose 0.8 pp to stand at 66.4%. The number of men outside the labour force decreased 3.0%.

Increase in employed persons

The number of employed persons increased 3.1% year on year, which can be attributed to the rises in the number of employed women (4.2%) and men (2.3%).

By economic sector, the growth in employed persons can be attributed to the rises in commerce (8.3%), health activities (4.9%), education (4.3%), and accommodation and food service (5.1%). By occupational category, the growth in employed persons was due to the rises in formal wage earners (3.0%) and own-account workers (3.0%).

Informality

The informal employment rate rose 0.1 pp year on year to stand at 27.4%. The increase in the number of informally employed persons (3.3%) can be attributed to the rises in women (5.1%) and men (1.9%). By economic sector, the increase can mainly be attributed to the rises in commerce (8.8%) and agriculture and fishing (9.6%).

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 8.6%, a decrease of 0.2 pp compared to the previous moving quarter.

Working hours and indicators of labour underutilization.

The volume of work, as measured by the quantity of hours per week actually worked by employed persons, increased 2.2% year on year. In contrast, the average number of hours worked fell 1.0% to stand at 36.3 hours. Men worked an average of 39.1 hours while women worked an average of 32.6 hours.

The combined rate of unemployment and the potential labour force increased 0.5 pp year on year to stand at 17.0%. This indicator stood at 14.7% for men and 19.9% for women. The gender gap was 5.2 pp.

Metropolitan Region

In the Metropolitan Region, the unemployment rate for the December 2023–February 2024 quarter decreased 0.4 pp year on year to stand at 9.3%. In the same period, the estimated increase in the total number of employed persons was 2.2%. By economic sector, the main influences on the increase were the rises in commerce (12.2%), education (4.7%), and water supply (50.7%).

See:

ENE Bulletin, no. 305: December 2023–February 2024

ENE Bulletin for the Metropolitan Region, no. 93: December 2023–February 2024 (in Spanish)

ENE Statistical Note, no. 23: December 2023–February 2024 (in Spanish)

National Employment Survey (ENE) Presentation – 28 March 2024 (in Spanish)