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Wednesday, 16 November 2022

Unemployment rate ticks up in 3Q 2022

Egypt’s unemployment rate rose marginally to 7.4% in 3Q 2022, up 0.2 percentage point from last quarter, according to data (pdf) from statistics agency Capmas out yesterday. The jobless rate is down 0.1 percentage points in comparison with the same quarter last year.

REMEMBER- The official unemployment rate only includes people who are looking for work. The labor force participation rate — which counts everyone aged 15-64 either in work or actively looking for work — recorded 42.7%, up 0.1 percentage points on last quarter. The figure is down from 43.7% in the same quarter of 2021.

Youth unemployment rises: Jobless 15-29 year-olds accounted for 61.9% of all jobless people, up from 61.3% in 2Q. Youth unemployment’s most recent peak was 64.3% in 4Q 2021.

Joblessness rose faster among women: The jobless rate among women was up 1.6 percentage points q-o-q to 19.1%, while the rate among men rose 0.2 percentage points to 5.2%. The unemployment rate is consistently recorded as much higher among women than men.

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