Unemployment in the country showed a decrease of 0.3 percentage points in the last 12 months, which the unemployment rate fell to 8.6% in the August-October 2024 quarteraccording to what was reported this friday by the National institute of Statistics (INE).
According to the agency’s report, The fall is explained by the increase in the labor force (1.8%) was lower than that presented by employed people (2.2%).
“For his part, unemployed people decreased 1.7%affected only by those who were unemployed (-2.4%)”, the INE detailed below.
In his report, he detailed that in the same period of the previous year, The participation and occupancy rates stood at 61.6% and 56.3%, growing 0.5 pp. and 0.7 pp., respectively.
“The population outside the labor force decreased 0.5%influenced by habitually inactive people (-1.4%) and initiators (-26.2%),” he stated.
The INE also reported that the unemployment rate for the August-October 2024 quarter in the Metropolitan Region it reached 8.9%, with a decrease of 0.9 pp. in 12 months.
“In the same period, The estimate of the total employed population grew by 1.4%influenced,according to economic sector,by teaching (9.5%), communications (22.3%) and health activities (7.3%),” he stated.
In its report, the INE also addressed the informal employment rate, and specified that it stood at 27.1%with an increase of 0.1 pp. in a year.
According to the details provided by the organization, informally employed people increased 2.2%affected by both men (2.9%) and women (1.4%).
according to the economic sector, This increase was mainly due to construction (6.5%) and teaching (18.3%).while by occupational category,private employees (5.1%) and self-employed workers (2.4%) had an impact.
How dose the rise of informal employment impact job security for workers?
interview: Understanding the Decrease in Unemployment Rates and Labor Trends in 2024
Time.news Editor: Welcome to our interview series. Today, we’re joined by Dr. Elena Torres, an economist and labor market analyst, to dive deep into the recent statistics released by the National Institute of Statistics (INE) regarding the unemployment rate in the country. Dr. torres, thank you for joining us.
Dr. Elena Torres: Thank you for having me. I’m excited to discuss these crucial developments in our labor market.
Time.news Editor: The INE reported that unemployment decreased by 0.3 percentage points, bringing the rate down to 8.6% for the August-October 2024 quarter. What does this decline indicate about the current economic climate?
Dr. Elena Torres: The drop in the unemployment rate is a positive sign for the economy. It suggests that the job market is strengthening, as more individuals are finding employment. This can lead to increased consumer spending, which further stimulates economic growth.
Time.news Editor: The report mentioned a labor force increase of 1.8%, which is lower than the 2.2% rise in employed individuals. How do you interpret this discrepancy?
Dr.Elena Torres: this discrepancy highlights that while more jobs are being created, the labor force is not expanding at the same pace. The increase in employed individuals outpacing the labor force suggests that companies might potentially be actively hiring to meet demand, but there could be underlying issues in attracting new workers into the market.
Time.news Editor: The INE also noted a 1.7% decrease in unemployed individuals, especially among those who were once actively seeking work. What implications does this have?
Dr. Elena Torres: A decrease in unemployed individuals reflects a more dynamic job market. Though, it’s critically important to look at who is leaving the unemployment ranks. if individuals are leaving because they found jobs,that’s great. But if they are leaving as they are discouraged and no longer seeking work, that could signal a potential area of concern.
Time.news Editor: The report highlighted significant growth in certain sectors, such as education and health. what does this suggest about the future of these industries?
Dr. Elena Torres: The notable growth rates, particularly in education (9.5%) and health activities (7.3%),suggest that these sectors are becoming increasingly vital to the welfare of the population and the economy. This could imply greater investment and job security in these industries moving forward, which is encouraging for job seekers in these fields.
Time.news Editor: informal employment increased slightly to 27.1%. What challenges does this pose for the labor market?
Dr. Elena Torres: The rise in informal employment can pose significant challenges, including reduced job security and benefits for workers.Informal workers often lack access to crucial resources like healthcare and retirement plans. This trend could also hinder government efforts to gather accurate labor data and implement effective workforce policies.
Time.news Editor: With the current trends, what practical advice would you give job seekers in today’s market?
Dr. Elena Torres: job seekers should remain adaptable and open to opportunities in growing sectors like health, education, and communications.Networking and continuous skills advancement can significantly enhance employment prospects. Additionally, understanding the dynamics of informal work could help individuals gauge their options better and seek more secure positions.
Time.news Editor: Thank you, Dr. Torres. Your insights are invaluable as we navigate these evolving labor trends.
Dr. Elena Torres: Thank you for having me. It’s crucial to keep the conversation going about labor trends and their implications for our society and economy.
Keywords: unemployment rate, labor market, economic climate, job growth, labor force increase, informal employment, job seekers, industry trends