The national unemployment rate was 8.7% in the July–September 2024 quarter (JAS 2024), according to information from the National Employment Survey (ENE), which is produced by the National Statistics Institute (INE).

The national unemployment rate decreased 0.2 pp year on year, which was a result of the slower growth in the labour force (2.2%) than in employed persons (2.4%). The increase in the number of unemployed persons (0.3%) can exclusively be attributed to the rise in first-time job seekers (4.2%).

Compared to the same period in the previous year, the participation rate increased 0.8 pp to stand at 61.7% and the employment rate increased 0.8 pp to stand at 56.3%. In the same period, the decrease in the population outside the labour force (-1.1%) was influenced by the falls in the routinely inactive (-1.5%) and future starters (-42.5%).

The unemployment rate for women (9.2%) showed no twelve-month variation, a result that can be attributed to the slightly faster growth rate in the labour force (2.7%) than in employed women (2.6%)[1]. In the same period, the number of unemployed women increased 3.3% while the participation rate rose 0.9 pp to stand at 52.6% and the employment rate rose 0.8 pp to stand at 47.7%. The number of women outside the labour force fell 1.0%.

The unemployment rate for men (8.4%) decreased 0.3 pp year on year, which was due to the slower growth in the labour force (1.9%) than in employed men (2.3%). In the same period, the number of unemployed men fell 2.1%. For men, the participation rate rose 0.7 pp to stand at 71.3% and the employment rate rose 0.9 pp to stand at 65.3%. The number of men outside the labour force decreased 1.4%.

Increase in employed persons 

The twelve-month variation of 2.4% in the total number of employed persons was influenced by the rises in men (2.3%) and women (2.6%).

By economic sector, the growth in the employed population was influenced by the rises in commerce (2.7%), education (5.3%), and accommodation and food service (5.4%). By occupational category, the growth was influenced by the rises in formal wage earners (3.5%) and informal wage earners (4.2%).

Labour informality

The informal employment rate rose 0.3 pp year on year to stand at 27.0%. The increase in the number of informally employed persons (3.6%) was due to the rises in women (4.4%) and men (3.0%). By economic sector, the increase can mainly be attributed to the rises in commerce (8.7%) and education (27.7%). By occupational category, the increase was influenced by the rises in own-account workers (3.8%) and wage earners of the private sector (5.0%).

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 0.1 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, decreased 0.1% year on year while the average number of hours worked decreased 2.5% to stand at 36.1 hours. Men worked an average of 38.3 hours, and women worked an average of 33.3 hours.

The combined rate of unemployment and the potential labour force decreased 0.2 pp to stand at 16.8%. This indicator stood at 14.8% for men and 19.4% for women. The gender gap was 4.6 pp.

Metropolitan region 

In the Metropolitan Region, the unemployment rate for the July–September 2024 quarter decreased 0.5 pp year on year to stand at 9.1%. In the same period, the estimated total number of employed persons increased 2.0%. By economic sector, the increase was influenced by the rises in education (9.4%), commerce (3.3%), and information and communication (13.5%).

See:
ENE National Bulletin no. 312 July–September 2024

ENE Bulletin for the Metropolitan Region no. 100 July–September 2024 (in Spanish)

ENE Statistical Note, no. 30: July–September 2024 (in Spanish)

National Employment Survey (ENE) Presentation of Results – 29 October (in Spanish)