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Labour cost rises 2.9% in the second quarter
The unemployment rate was upward revised by 0.1 pp to 9.1%, but the employment rate rose to 60.1% in June 2017. The Labour Cost Index rose by 2.9%, year-on-year, in the second quarter of 2017, which corresponds to a 0.5 pp reduction over the variation in the previous quarter.
According to the definitive estimate of INE – Statistics Portugal, the unemployment rate stood at 9.1% in June 2017, which represents a revision of +0.1 pp vis-à-vis the provisional estimate from the previous month. The unemployed population was 468 900 people, corresponding to a decrease of 5 200 people from the previous month. The employment rate rose to 60.1%, and the employed population was 4 680 600 people corresponding to an increase of 8 500 people in comparison with the previous month. In July, according to the INE – Statistics Portugal provisional estimate, the unemployment rate stabilized at 9.1%, with the unemployed population falling to 462 600 people and the employed population rising to 4 672 300 people.
In the second quarter of 2017, the Labour Cost Index (LCI) increased by 2.9% year-on-year, 0.5 pp below the variation registered in the previous quarter. According to INE – Statistics Portugal, the components of labour cost, wage costs and other costs (per hour actually worked) increased by 2.8% and 3.5%, respectively, over the same period of last year. This variation of LCI also resulted from a 1.4% increase in average cost per employee and a 1.6% decrease in the number of hours actually worked per employee. The increase of the average cost per employee was transversal to all activities. The decrease in the number of hours was essentially recorded in the public sector.
Monday, 3 February 2014 16:55
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