unemployment down to lowest mark since 2008

The number of jobless people signed up at Portugal’s employment centres dropped once again in October, reaching the lowest mark registered for that month since 2008.

The Algarve is where the unemployment rate dropped the most (-27.3%), according to Portugal’s employment and professional training institute (IEFP) which released the figures on Wednesday.

Says the institute, the number of unemployed in the country (404,564) fell 17.5% compared to the same month last year.

It also dropped 1.5% compared to September, the institute added.

Data also shows that there were 47,979 young people out of a job in October. While still a considerable number, it is down 21.1% compared to last year.

Another noteworthy statistic is that the number of long-term unemployed was 199,869 people in October – the first time the number has been below 200,000 since the start of 2011.

IEFP also announced that most of the unemployed who were searching for a new job had previously worked in the services sector (69.4%), industry (24.6%) and agriculture (4.7%).

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