Unemployment falls under the 8% threshold in January

The December unemployment rate for December of 2017 stood at 8%, according to data revealed this Wednesday by Statistics Portugal (INE). The monthly estimate foresees that, in January, the unemployment broke the 8% threshold, falling to 7.9%.

“The provisional unemployment rate estimate for January 2018 was 7.9%”, is stated in the press release disclosed by INE, with January provisional values, which are later revised. “For this month, the provisional estimate for the unemployed population was 410.6 thousand people“, the press release adds.

As for the December values, they represent a 0.2 percentage points’ upward revision from the previous monthly estimate, to be set of 8%. In order to find a smaller amount than in December, INE signals it would be necessary to go back to July of 2004 — almost 14 years ago.

The unemployment rate went back to 8.9% until the end of 2017, according to the last yearly estimates disclosed last moth. In 2016, the unemployment rate stood at 11.1%. The plunge registered in 2017 removed Portugal from the group of countries with a two-digit unemployment rate.

The Government has been praising itself over the plunge in unemployment during this left coalition. “We met our goal”, the Finance minister, Mário Centeno, stated, less than one month ago. “We have 288 thousand more jobs than in December of 2015”, Centeno highlighted. It is “the largest employment growth since there is a monthly registration from INE”, he added. “We have had 225 thousand less unemployed people than in the beginning of our legislature”, he continues, finishing by stating: “We have inverted the largest disease that came from the adjustment that was made in Portugal”.