Unemployment Rate In Madeira At 6.1%
The unemployment rate in Madeira is now the lowest in the country, standing at 6.1% in the first quarter of 2024, according to data from the National Statistics Institute (INE). This is 0.8% lower than the national average.
Unemployment Rate Remains Stable At A Low Level
In comparison to the previous quarter, unemployment remained nearly unchanged in Madeira, decreasing only slightly from 6.2% to 6.1%. Meanwhile, unemployment increased in six regions, notably in the Algarve, and decreased in three regions, with the largest decrease observed in the North. When compared to the same period last year, Madeira saw a decrease of 0.3% in unemployment. This is in contrast to increases observed in four regions and decreases in five regions across the country.
The EU Job Market Is Thriving
The unemployment rate in the European Union has reached an exceptionally low level, averaging 6.5%. Even in countries like Germany, which previously faced challenges in providing employment for all, there is now a demand for both educated and low-paid workers to sustain economic growth. This trend can be attributed to a thriving post-pandemic economy that is undergoing recovery. Additionally, the EU's demographic landscape is changing, with an aging population resulting in more individuals leaving the workforce than entering it.
High Interest Rate Does Not Yet Affect Job Market
Despite significant increases in the interest rates over the past two years, concerns about adverse effects on the job market have been expected. This is because a high-interest rate is weakening economic activity. Surprisingly to many experts, the job market has shown resilience and has not yet been negatively impacted by these developments.
Source: Diário de NotÃcias da Madeira
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