Portugal’s labor market shows resilience as the unemployment rate remains stable at 6.6% for October 2024, according to the latest data from Statistics Portugal (INE). This figure matches the rate from September and reflects a slight increase from July 2024. The stability in unemployment comes alongside a projected increase in unemployment benefits for 2025, indicating progress in supporting those affected by joblessness.
The number of unemployed individuals in Portugal stands at approximately 357,900, which is nearly unchanged from the previous month. However, this figure reflects a decrease of 0.5% compared to the same month last year.
Employment Growth
In contrast to the unemployment figures, the employed population has seen a positive trend, increasing to 5,105,700 in October. This represents a growth of 0.1% from September and a more significant increase of 1.4% compared to October 2023.
The increase in unemployment benefits is part of a broader strategy to support individuals facing job loss and to ensure that the social safety net remains robust in the face of economic fluctuations.
