The unemployment rate reduced by 1.8ppts y/y to 13.8% in 3Q24, though it saw a slight increase from 13.7% in 2Q24. During this period, the number of hired employed individuals increased by 3.3% y/y, accounting for 69.2% of total employment, while self-employed persons rose by 2.4% y/y- Galt&Taggart monthly review reads.
Notably, labor force participation rate increased by 1.0ppts y/y to 54.7% in 3Q24.
We forecast unemployment rate at 13.8% in 2024, down from 16.4% in 2023.
