In August 2024, an increase was recorded in the number of employed and inactive people, while the number of unemployed people decreased. These data raise questions about current trends in the labor market.
Increase in employment On a monthly basis, an increase in employment was observed at a rate of 0.2%, equivalent to 45 thousand people. This increase included men and all age groups, except for individuals aged between 35 and 49. In this category, a decrease in employment was recorded. Similarly, women were also affected by this trend. Overall, the employment rate remained stable at 62.3%.
Decrease in unemployment Last month, the number of unemployed people decreased by 2.8%, equivalent to 46 thousand people. This decrease affected both sexes and all age groups, except for individuals aged between 35 and 49. As a result, the unemployment rate decreased to 6.2%, with a decrease of 0.2 percentage points. The youth unemployment rate also fell significantly to 18.3%, down 1.7 percentage points. These figures indicate a relative improvement in the labor market.
Increase in the number of inactive persons In August, the number of inactive persons aged 15-64 increased by 0.4%, equivalent to 44 thousand people. This increase included individuals, as well as individuals aged 15-34 and 50 years and older. While the number decreased among people aged 35-49 years. Consequently, the inactivity rate increased to 33.4%, an increase of 0.1 percentage points.
Compared to the previous quarter When looking at the period from June to August 2024, an increase in employment was recorded by 0.5%, equivalent to 114 thousand people, compared to the previous quarter (March-May 2024). This indicates a general stability in the labor market and a gradual improvement in employment conditions.
Annual decrease in the number of unemployed
On a quarterly basis, the number of unemployed decreased by 5.6%, or 97 thousand people. At the same time, the number of inactive persons aged 15-64 increased by 0.6%, or 68 thousand people.
This data reflects negative shifts in the activity of some categories. On an annual basis, when compared to August 2023, the number of employed persons increased by 2.1%, or 494 thousand people.
This growth included all genders and all age groups, and the employment rate showed an increase of 0.8 percentage points.
These statistics indicate a general improvement in employment. On an annual basis, the increase in the number of employed persons was accompanied by a decrease in the number of unemployed persons by 18.3%, or 355 thousand people.
While the number of inactive persons aged 15-64 increased by 0.9%, or 106 thousand people. Trend analysis These trends can be explained by several factors.
First, government programs may contribute to boosting employment, increasing job opportunities. Second, improvements in the overall economy may play a role in creating a more stable work environment.
The importance of the labor market The labor market is a vital indicator of economic health. Changes in employment and unemployment rates affect economic growth and are reflected in people’s lives. Therefore, it is important to monitor this data periodically.
Ongoing challenges Despite the noticeable improvements, there are still challenges facing the labor market. One of the most prominent of these challenges is the high rates of inactivity among certain age groups. There must be intensive efforts to encourage these individuals to return to the labor market.
Current data continues to show an improvement in the labor market, but it must not be forgotten that existing challenges must be addressed. There must be a clear vision.
The importance of research and analysis and labor market improvement
The role of government policies Government policies are pivotal in supporting the labor market. Governments should adopt integrated strategies that target job creation and skills enhancement. Relevant ministries should cooperate to develop programs aimed at supporting the most affected groups.
The importance of research and analysis Research and analytical studies are an important tool for better understanding the labor market. Periodic studies should be conducted to address and analyze changes in the market. This helps identify future trends and directions. Current data may continue to show improvement in the labor market, but the need to address existing challenges should not be forgotten. There must be a clear vision and strategic plans to ensure the sustainability of this improvement in the future. In light of the changing economic conditions, it requires collective efforts from the government, the private sector, and civil society to achieve sustainable positive results in the field of employment.
Improvement strategies To improve the situation, multiple strategies can be considered. These strategies include:
- Providing training and vocational qualification: Providing specialized training programs is essential to enable individuals to acquire the skills required in the labor market.
- Enhancing employment opportunities: The private sector should be encouraged to employ more individuals by providing financial incentives or government support.
- Raising awareness: Awareness of the importance of work should be raised among inactive groups. Awareness campaigns can be organized that focus on the benefits of employment.
- Improving the work environment: Work conditions should be improved and benefits provided to employees should be increased. This will increase the desire to return to work.
Despite the noticeable improvements, there are still challenges facing the labor market. One of the most prominent of these challenges is the high rates of inactivity among certain age groups.