According to the Labour Minister, Vieira da Silva, the end of March unemployment statistics represent "a moment of great significance" as the headline rate drops below the 10% mark for the first time since 2009.
The minister said today that the unemployment rate had fallen to 9.9%, due to “a job creation dynamic that many considered impossible".
The National Statistical Institute today revised the February unemployment rate down by 0.1 percentage points to 9.9%, the lowest figure since February 2009, and it may go down further still.
According to Vieira da Silva, determined to milk this one as hard as he can, the data represent "a moment of great significance, not just a symbolic figure.”
"Getting below 10% means that we are entering another terrain, still with a high unemployment rate, but approaching levels that we have not had for many years," the minister said, noting “levels of economic recovery clearly superior to the past and putting us on a very positive trajectory from the point of view of employment.”
"No stagnant economy creates 150,000 jobs in a year," said Vieira da Silva, noting that registered employment now exceeds 4,630,000 people.
This welcome situation means that "Portuguese companies are investing, they are confident in the future, they are hiring. These are very positive results," he concluded.
Comments
Something like 11% of the 3 million EU nationals in the UK are entirely out of work. Unemployed. Most of the others although employed have UK tax payer paid subsidies for accommodation, subsistence and parenting. How many are Portuguese nationals? Now reverse the analysis to discover how many UK nationals are scavenging off the Portuguese Social Security!
As we approach ELECTIONS we'll of course see more of these "fata morganas"....