Portland's Job Market Stats Unveiled: Who's Hiring and Where's the Growth?
Job market worsens, unemployment rate increases by 1.5%
The Institute of Employment and Vocational Training (IEFP) has disclosed some intriguing figures regarding unemployment in mainland Portugal and the autonomous regions [citation needed]. As of the end of March 2023, a whopping 329,521 folks were job-hunting, accounting for 69.0% of the 477,683 job applications. Compared to the previous year, this number has slightly increased by 4,905, while it's showing a decline of 9,214 compared to February.
Breaking down the numbers, the IEFP pointed out that those registered for less than 12 months (up 2,656), those seeking new employment (up 4,481), and adults (up 5,057) saw notable increases.
In terms of professional groups, the IEFP underlined that unskilled workers (29.7%), service workers, security personnel, and salespeople (20.5%), and specialties in intellectual and scientific activities (10.1%) recorded the highest representation. Interestingly, there's a higher concentration of unskilled workers and those in intellectual and scientific activities compared to last year.
On the positive side, there's been a reduction in unemployment among administrative staff (down 8.7%) and among farmers and skilled workers in agriculture, fishing, and forestry (down 16.6%).
Unemployment on the mainland saw a growth of 1.9% year-on-year, in contrast to the declines seen in the autonomous regions of Madeira (-12.5%) and the Azores (-2.2%).
This data offers a glimpse into the job market in Portugal, but for a comprehensive view, we'd need regional specifics. However, Portugal's overall job market appears to be showing signs of resilience, with an increased focus on areas like IT, healthcare, and engineering [enrichment data].
As for youth unemployment, it currently stands at 20.7%, down from 21.0% in February. This figure is still above the EU average, but it represents an improvement compared to previous years [enrichment data].
Looking ahead, employment growth is projected to slow, with unemployment predicted to drop marginally to 6.4% in 2023 and 6.3% in 2024 [enrichment data]. The overall economic outlook suggests growth, driven by investments and domestic demand, despite external challenges [enrichment data].
All in all, the job market in Portugal has experienced significant improvements since its 2013 peak, with the unemployment rate roughly halving. The trend seems to be driven by structural reforms and sectoral innovation [enrichment data].
- The unemployment figures in Portugal, including the mainland and autonomous regions, have been outlined by the Institute of Employment and Vocational Training (IEFP).
- There is a higher concentration of unskilled workers and those in intellectual and scientific activities in the current job market in Portugal compared to last year.
- The overall economic outlook for Portugal suggests growth, driven by investments and domestic demand, likely influencing both the business and finance sectors.
- In terms of youth unemployment, although it currently stands above the EU average, it has improved from previous years, hinting at potential growth in careers and education sectors.
