Flash Note nº 4

Dear subscriber [name],

We are sending our most recent Flash Note.


  • In the fourth quarter of 2023, the unemployment rate rose 2.3 percentage points (pp) compared to the same quarter of 2022, standing at 31.9%, the highest since the Q4 2021;

  • The slowdown in non-oil economic activity likely contributed to the acceleration of the unemployment rate and a reduction in the employment rate;

  • The overall job growth rate in Q4 was 0.1%, with sectoral data showing that the sectors that contributed most were agriculture and fishing, as well as industry, energy, and water;

  • Our outlook for 2024 is that the situation in the labor market will continue to be very difficult, with limited improvements.

Best regards,

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