Unemployment data released

The results of the Household Labor Force Survey have been released. According to the data, an increase in unemployment rates was observed compared to the previous month. It was also noted that there was an increase in the youth unemployment rate.

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The Household Labor Force Survey has released unemployment data. According to the figures announced, the number of unemployed persons aged 15 and over increased by 35 thousand in September 2024 compared to the previous month, reaching 3 million 100 thousand. The unemployment rate remained unchanged at 8.6%. The unemployment rate was estimated at 6.7% for men and 12.3% for women.

INCREASE IN UNEMPLOYMENT RATES

The number of employed persons increased by 95 thousand in September 2024 compared to the previous month, reaching 32 million 823 thousand, while the employment rate increased by 0.1 percentage points to 49.7%. This rate was 67.3% for men and 32.5% for women.

SEASONALLY ADJUSTED LABOR FORCE PARTICIPATION RATE WAS 54.4%

The labor force increased by 131 thousand in September 2024 compared to the previous month, reaching 35 million 923 thousand, and the labor force participation rate increased by 0.2 percentage points to 54.4%. The labor force participation rate was 72.1% for men and 37.0% for women.

SEASONALLY ADJUSTED UNEMPLOYMENT RATE IN THE YOUTH POPULATION WAS 17.1%

The unemployment rate in the youth population, which covers the 15-24 age group, increased by 0.3 percentage points compared to the previous month to 17.1%. In this age group, the unemployment rate was estimated at 13.5% for men and 24.0% for women.

WEEKLY WORKING HOURS 42.7 HOURS

The seasonally and calendar-adjusted average actual weekly working hours of those employed and at work during the reference period remained at the same level as the previous month in September 2024, at 42.7 hours.

SEASONALLY ADJUSTED IDLE LABOR FORCE RATE WAS 25.6%

The idle labor force rate, consisting of time-related underemployment, potential labor force, and the unemployed, decreased by 1.7 percentage points in September 2024 compared to the previous month, to 25.6%. While the combined rate of time-related underemployment and the unemployed was 17.3%, the combined rate of the unemployed and the potential labor force was estimated at 17.9%.

News Source: 12punto