Unemployment rate declines to 9.5% in second quarter, but job needs remain high, according to HCP

This new survey replaces the National Employment Survey and adopts the latest international standards from the International Labor Organization. The strict unemployment rate decreased in both urban areas from 13.5% to 11.9% and rural areas from 6.1% to 5.4%. The number of strictly unemployed individuals was 1.12 million, with 79.3% residing in urban areas and 33.3% being women.

The overall volume of unemployment decreased by 132,000 people. Women still face a higher strict unemployment rate at 14.8% compared to men at 8.1%. Youth aged 15-24 remain the most affected, with a 27.2% unemployment rate, though this is a 2-point decrease from the previous quarter.

The labor force, comprising employed and strictly unemployed individuals, reached 11.76 million, an increase of 147,000 people. Women represent only 21.5% of the labor force, highlighting their low participation in paid economic activity. The labor force participation rate increased to 42.2% nationally.

The number of paid jobs increased by 279,000, reaching 10.64 million, with services creating the majority of these positions. Despite these improvements, the composite underutilization rate, which includes strict unemployment, underemployment due to insufficient working hours, and potenti