FX.co ★ Portugal Unemployment Rate Remains at Record Low Level

Portugal’s unemployment rate remained unchanged at a record-low 5.6% in January 2026. The adult unemployment rate also held steady at 4.7%, its lowest level since April 2002, while youth unemployment fell by 0.4 percentage points to 18.2%, the lowest since April 2023. The total number of unemployed inched up by 900 to 315,000, whereas total employment declined by 14,400 to 5.301 million. Even so, the employment rate stayed at an all-time high of 65.8%, and the labor force participation rate remained close to its historical peak at 69.7%. At the same time, the labor underutilization rate—which encompasses the unemployed, marginally attached workers, and part-time workers seeking full-time employment—ticked down to 9.6% in January from 9.7% in December.