In the fourth quarter of 2023, the number of unemployed individuals as defined by the International Labor Organization (ILO) increased by 29,000 compared to the previous quarter, reaching a total of 2.3 million people. Despite this increase, the unemployment rate is still at its lowest level since 1982, just 0.4 points higher than at the end of 2022. However, it remains significantly below its peak in mid-2015 by three more points.
The unemployment rate for different age groups varies greatly. The rate for those aged 15-24 decreased slightly from the previous quarter by 0.2 points, while that for those aged 50 or over remained almost stable. On the other hand, the rate for those aged 25-49 increased slightly by 0.2 points.
For women, there was hardly any change in their unemployment rates, while men saw a slight increase in their rates.
Long-term unemployment rates are also on an upward trend, with an average of 571,000 people declaring to be unemployed and looking for one for at least a year in Q4 of 2023. This represents an increase of approximately 33,000 people from Q4 of 2022.
As a result of this increase in long-term unemployment rates, they rose very slightly to about 1.9% of the active population in Q4 of 2023. While it is still lower than its level at the end of both years – it has gone down since then and is now significantly lower than its level at the end of November