The unemployment rate stood at 6.4% in February, reflecting a decrease of 0.1 percentage points (p.p.) compared to the same month in 2024, according to provisional data released today by the National Statistics Institute (INE).
In February, the unemployment rate was estimated at 6.4%, a figure higher than in January by 0.1 p.p., but lower than in November by 0.2 p.p. and February 2024 by 0.1 p.p., INE reports.
The rate of labor underutilization reached 10.9%, an increase compared to the previous month by 0.1 p.p., though it decreased compared to three months prior by 0.1 p.p. and the same month in 2024 by 0.4 p.p.
INE also notes that in February, the unemployment rate among women (6.7%) exceeded that of men (6.2%) by 0.5 p.p., while the youth unemployment rate was estimated at 20.9%, marking the highest since November 2024 (21.0%).
Employed Population Hits 1998 Maximum
The active population reached 5.510 million people, the highest since February 1998, highlighted by the statistical office.
Similarly, the employed population (5.163 million) saw an increase compared to the previous month (2.1 thousand, equivalent to an almost negligible variation rate), three months earlier (52.9 thousand or 1%), and the same period last year (111.3 thousand or 2.2%), reaching the highest value since the start of the series in February 1998.
The unemployed population stood at 354,200, marking an increase from the previous month (4.8 thousand or 1.4%) and the same month in 2024 (4.4 thousand or 1.3%), although it decreased compared to three months prior (5.5 thousand or 1.5%).
The inactive population remained practically unchanged from the previous month and three months before, at 2.483 million, but decreased compared to the same period last year (10.5 thousand or 0.4%).
INE also revises upward the definitive unemployment rate for January, from 6.2%, as initially estimated, to 6.3%.
This figure was lower than in December 2024 by 0.1 percentage points (p.p.), in October by 0.3 p.p., and in January 2024 by 0.1 p.p.
The labor underutilization rate in January was 10.8%, the same as the previous month, with a decrease compared to three months earlier (0.2 p.p.) and the same period last year (0.6 p.p.).
Updated at 11:44 AM.
