Galt & Taggart published a report projecting unemployment will decline to 13.8% in 2024, compared to 16.4% in 2023. The rate applies to the third quarter of 2024, reducing by 1.8 percentage points year-on-year.
Details are as follows:
- Hired employees increased by 3.3%, making up 69.2% of total employment.
- The number of self-employed individuals rose by 2.4% year-on-year.
- Labor force participation increased by 1 percentage point year-on-year, reaching 54.7%.
Overall, the report predicts the unemployment rate will stand at 13.8% for 2024.
