Macro View

(reading time: 2 mins)

Summing up, the job market in April reached new highs, Employed and Active Population, both at record levels, meanwhile as both metrics are growing at the same pace the unemployed population remains stable around 350 000, even that the unemployment rate, 6.27%; below moving averages, is smoothly adjusting.

The INE (Portuguese Statistic Institute) released yesterday April’s job preliminary data, namely Rate of Unemployment, Under Utilization Rate, Employed Population and Underutilization Population.    

The main highlights are the following:

1 – The Unemployment rate in April, 6.27%; compares with 12MMA: 6.44% and 3MMA: 6.36%;

2 – The under-Utilization rate (takes in consideration the under-utilization population divided by a broad concept of Active population) went down 18bp to 10.64%; compares with 12MMA: 10.91% and 3MMA: 10.76%;

3 – The Inactive Population went down -1.8bp YoY vs. 12MMA: -5bp and 3MMA: -106bp (-90bpMoM);

4 – Active population went up 2.9%YoY vs. 12MMA: 1.77% and 3MMA 2.46% (+53bp MoM):  

5 – The Employed population went up 3.0%YoY vs. 12MMA +1.79% and 3MMA 2.62% (+64bp MoM).

Our comments: the job market, in April, reached new high, Active Population 5 216 000 and Active Population 5 565 400, both, record figures. Meanwhile, the unemployment rate 6.27% or 349 100; and the under-Utilization rate 10.64% (605 000); both below the moving averages. Fortunately, the Active Population and Employed Population are growing at the same pace, so the unemployed people remains almost stable, close to 12MMA  - 353 000.       

Source: INE, AS Independent Research