New Labor Market Insights from Updated National Institute of Statistics Data

The National Institute of Statistics (INE) has recently updated its labor market data using the new 2021 Population and Housing Census. This update has led to changes in several key indicators compared to the previous use of the 2011 census. With an increase of 337,600 people living in family homes, the labor market has experienced significant changes in the past year.

One of the most notable changes is in the number of employed individuals, which reached 21,389,700 at the end of last year. This represented an increase of 142,800 workers compared to the previous EPA calculation. However, despite initial estimates suggesting that 783,000 new jobs would be created in 2023, only 749,000 were actually created.

The total number of active individuals also increased slightly to 24,250,600 while the unemployment rate rose from 11.76% to 11.8%. The total number of unemployed individuals in 2023 was slightly higher than expected at 2,860,800 but showed a decrease of 22