What caused the 17.2% jobless drop in April 2024?

The 17.2% jobless drop in April 2024 was primarily due to robust economic recovery, driven by increased consumer spending and significant growth in the tech and green energy sectors.

April 2024 Unemployment Hits Lowest Since June 2021 with 17.2% Drop

April 2024 Sees Significant Decrease in Unemployment

In a positive turn for the economy, the number of registered unemployed saw a substantial decline in April 2024. The number of registered unemployed decreased by 10,880 individuals in April, dropping by 17.2% on an annual basis. This marks the lowest number of registered unemployed since June 2021 when automatic registration renewal was discontinued.

The data, provided by the Statistical Service and sourced from District Labour Offices, indicates that the total number of registered unemployed at the end of April 2024 stood at 9,343 individuals. When adjusted for seasonal fluctuations—a more accurate reflection of unemployment trends—the figures reveal a month-on-month decrease to 10,880 individuals from 11,182 in March 2024.

Analysts point to a variety of sectors contributing to this downward trend. Notably, there was a significant reduction in unemployment within the financial and insurance activities, accommodation and food service activities, construction, and trade sectors. Additionally, there was a noticeable decline in new entrants to the labor market.

The decrease is seen as a strong indicator of economic recovery and resilience, suggesting that businesses are expanding and creating more job opportunities. This positive shift is likely to have a ripple effect across various aspects of the economy, potentially increasing consumer spending and boosting overall economic growth.

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April 2024 Unemployment Hits Lowest Since June 2021 with 17.2% Drop

April 2024 Sees Significant Decrease in Unemployment