Region Sees 8.4% Year-on-Year Decrease in Unemployment in October
Madeira has recorded the largest decline in unemployment in Portugal, according to the latest figures released by the Institute for Employment and Vocational Training (IEFP). In October 2024, unemployment in the region dropped by 8.4% compared to the same month last year, making it the standout performer among the country's regions.
Azores Also See Unemployment Drop, But Other Regions Struggle
The Azores was the only other region to report a decrease in unemployment, with a 5.7% drop. However, the rest of Portugal saw a rise in joblessness, with several regions reporting higher unemployment rates than the previous year.
Local Officials Highlight Positive Trends in Madeira
Ana Sousa, Madeira's Secretary for Inclusion, Labor, and Youth, pointed out that the island had 622 fewer people unemployed compared to October 2023. While the yearly trend is positive, the region did see a minor rise of 1.4% in unemployment from September 2024 to October 2024, suggesting that the labor market still faces challenges.
Unemployment Rises in Other Parts of Portugal
Nationally, unemployment increased across the country, with the Central region and Lisbon experiencing a rise of 4.4%. In the Algarve, the end of the tourist season led to a sharp 22.2% increase in unemployment compared to the previous month.
Job Offers Soar in Madeira and Azores
On a more optimistic note, Madeira and the Azores both saw significant increases in job offers. In October 2024, Madeira saw a dramatic 49.5% rise in job offers compared to the same month in 2023, while the Azores recorded a 35% increase. These gains suggest a growing demand for workers and a more positive outlook for the job market in these regions.
Source: Diário de NotÃcias da Madeira
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