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GASTAT: Saudi Women's Participation in Labor Force Reaches 36.2%

The General Authority for Statistics (GASTAT) logo
The General Authority for Statistics (GASTAT) logo
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GASTAT: Saudi Women's Participation in Labor Force Reaches 36.2%

The General Authority for Statistics (GASTAT) logo
The General Authority for Statistics (GASTAT) logo

The General Authority for Statistics (GASTAT) said Tuesday that the unemployment rate among Saudis in Q3 of 2024 was 7.8%, an increase of 0.7 percentage points over Q2 of this same year, and a year-on-year decrease of 1 percentage point from Q3 2023.

The Labor Market Bulletin for the third quarter of 2024 also shows that the Saudi and non-Saudi labor force stood at 66.6%, a 0.4 percentage point increase over Q2 of 2024.
Among Saudis, the labor force grew by 0.7 percentage points, to reach 51.5%, marking a year-on-year increase of 0.7 percentage points. The employment-to-population ratio among Saudis went up by 0.2 percentage points, reaching 47.4%, or an annual growth of 1.1 percentage points.
The bulletin also highlighted the growth of Saudi women's participation in the labor force, which increased by 0.8 percentage points, to 36.2%, in the mentioned period.
The employment-to-population ratio among Saudi women rose by 0.5 percentage points, reaching 31.3%. Among Saudi women aged 15–24, participation in the labor force increased by 1 percentage point, to 18%, while the employment-to-population ratio among this age group rose by 0.6 percentage points, to 13.6%, in Q3 of 2024.
Participation in the labor force among young Saudi men increased by 1.1 percentage points, to 34.6%.
Among Saudi men in general, participation in the labor force increased by 0.6 percentage points, to 66.9%, and the employment-to-population ratio reached 63.7%.
Among Saudi men and women in the prime working-age group (25–54 years), participation in the labor force rose by 0.7 percentage points, to 69.4%, and the employment-to-population ratio increased by 0.3 percentage points, to 64.8%.

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Business

Oil Prices Steady as Markets Weigh Demand against US Inventories

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
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Oil Prices Steady as Markets Weigh Demand against US Inventories

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)

Oil prices were little changed on Thursday as investors weighed firm winter fuel demand expectations against large US fuel inventories and macroeconomic concerns.

Brent crude futures were down 3 cents at $76.13 a barrel by 1003 GMT. US West Texas Intermediate crude futures dipped 10 cents to $73.22.

Both benchmarks fell more than 1% on Wednesday as a stronger dollar and a bigger than expected rise in US fuel stockpiles pressured prices.

"The oil market is still grappling with opposite forces - seasonal demand to support the bulls and macro data that supports a stronger US dollar in the medium term ... that can put a ceiling to prevent the bulls from advancing further," said OANDA senior market analyst Kelvin Wong.

JPMorgan analysts expect oil demand for January to expand by 1.4 million barrels per day (bpd) year on year to 101.4 million bpd, primarily driven by increased use of heating fuels in the Northern Hemisphere.

"Global oil demand is expected to remain strong throughout January, fuelled by colder than normal winter conditions that are boosting heating fuel consumption, as well as an earlier onset of travel activities in China for the Lunar New Year holidays," the analysts said.

The market structure in Brent futures is also indicating that traders are becoming more concerned about supply tightening at the same time demand is increasing.

The premium of the front-month Brent contract over the six-month contract reached its widest since August on Wednesday. A widening of this backwardation, when futures for prompt delivery are higher than for later delivery, typically indicates that supply is declining or demand is increasing.

Nevertheless, official Energy Information Administration (EIA) data showed rising gasoline and distillates stockpiles in the United States last week.

The dollar strengthened further on Thursday, underpinned by rising Treasury yields ahead of US President-elect Donald Trump's entrance into the White House on Jan. 20.

Looking ahead, WTI crude oil is expected to oscillate within a range of $67.55 to $77.95 into February as the market awaits more clarity on Trump's administration policies and fresh fiscal stimulus measures out of China, OANDA's Wong said.