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In April, the national unemployment rate was 10.6%, similar to a year ago and, seasonally adjusted, lower than in March 2024. The April rate results are due to the good performance of employment, which to some extent was due to the higher number of working days in April than in March, due to Easter Week.
In the first quarter of 2024, job creation remained strong, but overall employment growth has slowed compared to last year. April saw only 175 thousand new jobs added, well below the expected 243 thousand.
In March, the national unemployment rate was 11.3%, up from 10.0% a year ago. Seasonally adjusted, the national unemployment rate continued its upward trend in March. Employment fell by 0.7% year-over-year, so that job creation continued its do…
The national unemployment rate in February 2024 was 11.7%, higher than the 11.4% in February 2023. On the year to February, employment grew 1.2% (260 thousand jobs), down from 2.5% (533 thousand jobs) in January 2024, continuing the trend of sl…
The January 2024 national unemployment rate was 12.7%, down from 13.7% in January 2023. Seasonally adjusted, the national rate decreased by 0.4 percentage points (p.p.) between December 2023 and January 2024, although it remains above the value…
Signs indicate a gradual slowdown/normalization of the labor market, with NIFB survey trends suggesting no acceleration in employment, alongside lower Job openings and quits indicating slower wage growth.
February 3, 2024
In 2023, the average unemployment rate was 10.2% at the national level, decreasing by one percentage point with respect to 2022. Thus, labor variables showed resilience in a context of deceleration. However, by the end of the year, since September, a deterioration in the labor market to be monitored in 2024, was seen.
Despite the labor market's resilience, the slowdown in job creation in 2023 is reflected by the 2.7 million additional jobs, considerably fewer than the previous year. The unemployment rate in December remained at 3.7%, largely explained by the…
The national unemployment rate in November 2023 was 9.0%, down from 9.5% in November 2022, and the urban rate was 8.7%, down from 9.1% a year earlier. Seasonally adjusted, the national rate increased by 0.2 p.p. between October and November 202…
The October 2023 national unemployment rate was 9.2%, down from 9.7% in October 2022, and the urban unemployment rate was 9.0%, down from 9.9% a year earlier. Seasonally adjusted, the national rate increased by 0.3 p.p. between September and Oc…
Job creation in October (+150,000) was lower than consensus expectations (180,000), indicating a slowdown despite solid real GDP growth in previous quarters (4.9% in the third quarter of the year, SAAR).
September's national unemployment rate was 9.3%, down from 10.7% a year ago. Seasonally adjusted, the rate increased by 0.2 p.p. between August and September 2023, which is explained by the slowdown in the pace of job creation. However, it is the lowest unemployment rate for a September since 2016.
