Unemployment rate · Portugal
Portugal Unemployment Rate
The Portugal Unemployment Rate measures the share of the labour force in Portugal, people working or actively looking for work, who have no job but want one.
- Importance
- Medium
- Released
- Monthly
- Next release
- Currency
- EUR · euro
- Central bank
- The European Central Bank (with the Banco de Portugal)
Latest figures
The latest release for SEP, published on 29 October 2026, came in at 5.6%, unchanged from 5.6% the time before (revised).
Over the last 12 releases it ranged from 5.5% to 5.9%, averaging 5.7%.
| Released | For | Actual | Consensus | Previous |
|---|---|---|---|---|
| 29 Oct 2026 | SEP | 5.6% | – | 5.6% ® |
| 30 Sep 2026 | AUG | 5.7% | – | 5.7% |
| 31 Aug 2026 | JUL | 5.7% | – | 5.7% ® |
| 29 Jul 2026 | JUN | 5.6% | – | 5.6% ® |
| 1 Jul 2026 | MAY | 5.5% | – | 5.7% |
| 29 May 2026 | APR | 5.7% | – | 5.8% |
| 29 Apr 2026 | MAR | 5.8% | – | 5.8% |
| 31 Mar 2026 | FEB | 5.8% | – | 5.6% |
| 3 Mar 2026 | JAN | 5.6% | – | 5.6% |
| 29 Jan 2026 | DEC | 5.6% | – | 5.7% |
| 7 Jan 2026 | NOV | 5.7% | – | 5.8% ® |
| 28 Nov 2025 | OCT | 5.9% | – | 6.0% |
Why it matters
Full employment is part of most central banks' mandate. A falling unemployment rate means a tighter labour market, faster wage growth and more inflation pressure, which can keep the European Central Bank (with the Banco de Portugal) hawkish; a rising rate is one of the clearest recession signals (the US "Sahm rule" flags a 0.5-point rise in the three-month average).
How it is calculated
Statistics Portugal (INE) usually runs a household survey: people are counted as unemployed if they had no work, were available and looked for a job recently. The rate is unemployed ÷ (employed + unemployed). Registered jobless and claimant counts instead count people signed on for benefits. Participation is the labour force ÷ working-age population.
Unemployment rate = unemployed ÷ labour force × 100
Labour force = employed + unemployedWhat changes mean
- A lower rate than expected usually supports the euro.
- Check participation: unemployment can fall because people stop looking, which is not good news.
- Broader measures (US U-6) include part-timers who want more hours.
Higher than expected: A higher unemployment rate than expected points to a weakening labour market: the euro tends to soften as markets price in lower rates.
Lower than expected: A lower unemployment rate than expected signals a tight labour market: it tends to support the euro and push bond yields up.
A short history
Systematic unemployment statistics began in the 1930s Depression; the International Labour Organization's definition, adopted in 1982, is used by most countries today.
Questions
What is the Portugal Unemployment Rate?
The Portugal Unemployment Rate measures the share of the labour force in Portugal, people working or actively looking for work, who have no job but want one.
What was the latest Portugal Unemployment Rate?
5.6% for SEP, published on 29 October 2026.
When is the next Portugal Unemployment Rate?
On Monday 30 November 2026 at 11:00 UTC.
Educational content only, not investment advice. Figures are the published results as recorded by our calendar; market reactions described are typical, not guaranteed.