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The unemployment rate increased to 6.7% and the labour underutilisation rate to 11.9%
Monthly Employment and Unemployment Estimates
The unemployment rate increased to 6.7% and the labour underutilisation rate to 11.9% - October 2023
29 November 2023

Summary

September 2023 (definitive estimates):

The active population (5,287.8 thousand people) decreased from August (0.2%) and from June 2023 (2.1 thousand, which corresponds to a nearly null relative change), having increased from September 2022 (1.9%).

The employed population (4,939.1 thousand) decreased from the previous month (0.5%) and from three months before (0.3%) and increased from the same month of the previous year (1.5%).

The unemployed population (348.7 thousand) increased from the three periods under comparison: 3.9%, 4.4% and 8.1%, respectively.

Similarly, also the unemployment rate, which stood at 6.6%, has increased from the previous month (0.3 percentage points (pp)), from three months before (0.3 pp) and from a year earlier (0.4 pp).

The inactive population (2,402.0 thousand) increased by 0.5% from August and by 0.2% from June 2023 and decreased by 2.7% from September 2022.

The labour underutilisation rate was estimated at 11.8%, up from the three periods under comparison (0.2 pp, 0.1 pp and 0.3 pp, respectively).

October 2023 (provisional estimates):

The active population (5,283.3 thousand) decreased by 0.1% from September and by 0.3% from July 2023, having increased by 1.7% from October 2022.

Similarly, the employed population (4,930.0 thousand) has also decreased from the previous month (0.2%) and from three months before (0.7%), having increased from a year earlier (1.1%).

The unemployed population (353.4 thousand) increased from the three periods under comparison: 1.4%, 5.1% and 11.1%, respectively.

Similarly, the unemployment rate, that stood at 6.7%, has also registered an increase from September 2023 (0.1 pp), from July of the same year (0.4 pp) and from October 2022 (0.6 pp).

The inactive population (2,408.1 thousand) increased by 0.3% from the previous month and by 0.7% from three months before, having decreased by 2.2% from one year earlier.

The labour underutilisation rate stood at 11.9%, up 0.1 pp from the previous month, up 0.4 pp from three months before and up 0.4 pp from October 2022.


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