News are out today that Portugal's unemployment rate was 12.6% in April, reflecting the degradation of business and economical environment in the country, and actually keeping the trend started in 2009. Still, we shouldn't look at that as a tipping point - actually, many reports (including SIBS credit and debit card system) indicate that Consumption in Portugal has just started to slow down, implying the readjustment will still continue and deepen for the next few months / years. That will naturally reflect in the Employment (smoothed by any Exports positive evolution), that is actually expected to reach 14.4% (or 800.000 active persons actively seeking for a job) in the next year / year and a half. If to that figure we had the 200.000 unemployed that stopped searching for a job (thus out of the official stats), we reach the 1 Million figure, and a 18% actual unemployment rate. And that... that is scary!
A big question should be how will we fuel the Economy to create new jobs for these persons!
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