Unemployment rate falls again to 6.4%
Unemployment in Portugal fell again. In August, the rate stood at 6.4%, down 0.2 percentage points compared to the previous month.
The unemployment rate fell to 6.4% in August. It decreased 0.2 percentage points (p.p.) compared to the previous month, according to data released on Wednesday by Statistics Portugal (INE). Also compared to the same period in 2020, there was a drop.
“The unemployment rate stood at 6.6%, down 0.2 percentage points (pp) from the previous month, down 0.4 pp from three months before and down 1.5 pp from a year earlier.” INE said, adding that “the unemployed population – estimated at 325.9 thousand people – has decreased by 4.1% (13.9thousand) from the previous month, by 9.9% (35.7thousand) from three months before and by 20.9% (86.3 thousand) from one year before.”
As for the employed population (4,798.9 thousand people), the Statistics Office said it “has decreased by 0.6% (27.8thousand) from the previous month and has increased by 0.5% (21.9 thousand) from three months before and by 3.8% (176.7 thousand) from one year before.”
According to INE, the “employment rate was estimated at 62.5%, having decreased by 0.4 pp from July 2021 and increased by 0.3 pp from May 2021 and by 2.2 pp from August 2020,” INE added.
Regarding labour underutilisation, it “covered 667.8 thousand people” in August, “which corresponds to a decrease of 1.1% (7.2 thousand) from July 2021, of 1.6% (10.8 thousand) from May 2021 and of 18.0% (146.2 thousand) from August 2020.”
“Similarly, the labour underutilisation rate stood at 12.6%, remaining unchanged from the previous month and decreased from both three months before (0.2 pp) and from a year earlier (2.9 pp),” INE notes.
