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Summing up, the job market is consolidating at record levels, t remained robust in July, even so, Employed population and Active population are growing at slower rates…    

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

The main highlights are the following:

1 – Unemployment rate in July 5.65% (flat MoM); compares with 12MMA (12 months moving average): 5.77%/3MMA: 5.63%;

2 – The Under-Utilization rate (takes in consideration the under-utilization population divided by a broad concept of Active population) increased 18bp MoM to 9.46%; compares with 12MMA: 9.76%/3MMA: 9.38%;

3 – The Inactive Population went down -133bp YoY vs. 12MMA: -199bp/3MMA: -214bp (+71bp MoM);

4 – The Active population went up 1.42%YoY vs. 12MMA: 2.30%/3MMA 1.80% (-17bp MoM):  

5 – The Employed population went up 1.57%YoY vs. 12MMA +2.86%/3MMA 2.18% (-13bp MoM).

Our comments: the job market, is consolidating at record levels, Employed population, 5 347 000 and Active Population, 5 667 000; are close to record figures, while unemployment rate remains near lows. Nevertheless, Employed Population and Active population growth, 1.57%YoY and 1.42%; respectively continues to adjust, growing below moving averages, while Inactive Population decrease is also adjusting.

Summing up, the job market remains robust and close to record levels, nevertheless, is, apparently, losing momentum, Employed population and Active population are growing at slower rates.

Source: INE, AS Independent Research