Unemployment registered in the offices of the public employment services decreased by 33,512 people in November, yielding a month on month drop of 1.1 percent. This is the second largest decline observed in the current month in the historical series since 2021, when unemployment fell by 74,381 people. The month shows a notable improvement in the labor landscape, driven mainly by employment gains in the service sector, and it points to a continuing adjustment toward a tighter and more resilient job market.
Following this reduction, the total number of unemployed reached 2,881,380 at the end of November, the lowest level since November 2007, according to data released by the Ministry of Labor and Economy. This milestone underscores a sustained contraction in unemployment and reflects a broader trend of hiring across various segments of the economy, even as certain sectors recalibrate staffing levels to adapt to shifting demand patterns. The trend remains a focal point for policymakers and market observers who watch for signals about productivity, wage dynamics, and consumer confidence.
November is typically a month where unemployment trends show a rise in many years, but the current sequence adds nuance to the historical pattern. Since the comparable historical series began in 1996, unemployment has risen in November in 21 of the years and fallen in six. This year stands out for its robust decline, second only to the pandemic year of 2021 when economic conditions and public health measures created an unusual labor shock. The present results suggest a stronger than expected resilience in job creation across services, tourism, and other domestically oriented sectors, highlighting the capacity of the economy to absorb fluctuations in demand and maintain momentum in hiring.
Seasonally adjusted figures reinforce the positive signal, showing a drop of 61,595 registered unemployed in November. Seasonal adjustment helps strip out normal calendar effects, offering a clearer view of underlying labor market momentum. The continued reduction implies that underlying employment dynamics, including hiring in small and medium enterprises and improvements in labor participation, contributed to the month’s improvement. This adds to the broader narrative of recovery and stabilization, with implications for household income and consumer spending in the months ahead.
Looking back over the past year, unemployment has fallen by 301,307 in total, a decline of 9.5 percent. Female unemployment declined by 160,698, or 8.5 percent, while male unemployment decreased by 140,609, or 10.8 percent. The gendered breakdown reveals ongoing progress toward more balanced labor participation and opportunities, even as wage growth and sectoral shifts continue to influence employment outcomes. These figures provide a constructive context for evaluating how different groups experience the labor market, informing discussions on wages, working conditions, and social policy aimed at sustaining inclusive growth.