The number of unemployed as defined by the International Labor Office (ILO) increased by 29,000 in the fourth quarter from the previous one, reaching 2.3 million people. Despite this increase, the unemployment rate remains significantly lower than its peak in mid-2015 by three more points.
The unemployment rate decreased by 0.2 points for 15-24 year-olds, increased by 0.2 points for 25-49 year-olds, and remained almost stable for those aged 50 or over. The rate for women barely decreased, while that of men increased slightly. Long-term unemployment rate is also increasing slightly, with an average of 571,000 people declaring to be unemployed and looking for over a year, marking an increase of 33,000 from the previous quarter.
Among the unemployed, an average of 571,000 people declared in the fourth quarter of 2023 to be unemployed and looking for one for at least a year. This represents an increase of 33,000 from the previous quarter and marks a slight increase in long-term unemployment rates. However, it remains slightly lower than its level at the end of 2019 despite being higher than its level at the end of 2018 by two more points.
In contrast to these figures on unemployment rates and long-term unemployment rates, there appears to be unrelated content added to this article which includes links to personal profiles, information on jewelry and spray foam insulation. While these topics may add value to additional content creation within the article or website structure they do not seem relevant to discussions on employment rates.
Overall it is important to note that although there has been an increase in long term unemployment rates compared to previous quarters it is still relatively low compared historical standards and should not be taken as a cause for alarm alone but rather as part of a broader economic context that needs further analysis.