Unemployment rose to 6.4% in May compared to the same period of the same period, but decreased compared to April

The unemployment rate stood at 6.4% in May, up 0.4 percentage points year-on-year but down 0.1 points from the previous month, according to INE data released today.

“The unemployment rate was 6.4%, which is lower than in April and February 2023 (0.1 and 0.5 percentage points respectively), but higher than in May 2022 (0.4 percentage points)”, — notes the National Institute of Statistics (INE). , which released its monthly employment and unemployment data for May.

According to the statistical office, the unemployed population (338,600 people) decreased compared to the previous month (1.7%) and three months earlier (6.4%), increasing compared to the same month (8.5%).

The unemployment rate for April was revised up from 6.8% (announced in May) to 6.5%, which corresponds to a decrease of 0.3 percentage points from the previous month, 0.5 points from three months earlier and an increase by 0.6 points compared to the previous month. by the same month of 2022.

In May, the inactive population (2,416,800 people) increased compared to the previous month and three months earlier (0.1% and 0.2% respectively) and decreased compared to the same period of the previous year (2.5%).

The active population (5,270,400 people) decreased from the previous month (corresponding to almost zero relative change) and by 0.1% compared to February 2023, an increase of 1.7% compared to May 2022.

The employed population (4,931,800 people) registered a positive relative change in relation to the previous month (0.1%), as well as in relation to three months earlier (0.3%) and the year before (1.3%).

In addition, the labor underutilization rate was 11.9%, the same as the previous month, but 0.2 percentage points lower than three months earlier and 0.4 points higher than in the previous month. the same month last year.