The report from the Household Labour Force Survey indicated that the number of unemployed individuals aged 15 and over decreased by 109 thousand, totaling 3 million 78 thousand persons compared to the previous month. The unemployment rate saw a decline of 0.3 percentage points from the previous month, with estimates at 7.3% for men and 11.3% for women.

On the employment front, the number of employed persons increased by 147 thousand to reach 32 million 423 thousand persons in February. The employment rate rose to 49.3%, representing a 0.2 percentage point increase. For men, the employment rate stood at 66.5%, while for women, it was 32.5%.

The labor force participation rate remained unchanged at 54.0%, with 35 million 501 thousand persons comprising the labor force. For men, the participation rate was 71.7%, while for women, it was 36.6%.

Among youth aged 15-24, the unemployment rate decreased to 15.6%, reflecting a 0.8 percentage point decline from the previous month. The unemployment rate was estimated at 13.4% for men and 19.6% for women in this age group.

Additionally, the seasonally and calendar-adjusted average weekly actual working hours increased to 43.5 hours, up by 0.2 hours compared to the previous month.

The composite measure of labor underutilization, which includes time-related underemployment, potential labor force, and unemployment, decreased to 24.5% in February 2024, down by 1.9 percentage points from the previous month.

The combined rate of time-related underemployment and unemployment was 16.3%, while the combined rate of unemployment and potential labour force was 17.6%. (ILKHA)