Last Updated on Wednesday, 6 November, 2024 at 7:56 pm by Andre Camilleri
The national unemployment rate in September 2024 remained stable at a seasonally adjusted 3%, consistent with August levels and marking a 0.6% decrease from September 2023, according to data released on 31 October, by the National Statistics Office.
Unemployment for males edged up slightly to 3.3% in September, an increase of 0.1 percentage points from the previous month, while the female unemployment rate dipped to 2.6%, down by 0.1 percentage points. Despite the stability in overall rates, youth unemployment for individuals aged 15 to 24 saw an uptick, reaching 9.4%, a significant concern amid other improvements. In contrast, the unemployment rate for those aged 25 to 74 decreased to 2.4%.
A closer look reveals that of the 9,723 unemployed persons, 7,137 were in the 25-74 age group, with youth unemployment amounting to 2,586. These figures highlight persistent challenges in the job market for younger individuals, despite the overall decline year-over-year.
Economists will be watching the youth unemployment rate closely, as it has the potential to impact broader economic stability and labor market trends.
