The registered salaries They continued without recovering during May Despite the Strong deceleration of inflation In the fifth month of the year, when the CPI was located in the 1.5%. It is that the government has a salary guideline – it would be immovable – to homologate the peers that positions itself precisely between the 1% and the 1.5%. As already happened with one of the unions that possess the greatest number of associates, if the unions agree with the businessmen a major rise, the administration of Javier Milei Do not homologate the agreement.
This salary roof made it in March, prices acceleration month, private assets lost strong against inflation – a 2.6%, their largest decline since 2023 – after months of recovery. In this way, the salary returned to November 2023, prior to the devaluation of Javier Milei and Luis Caputo.
“In May the average of parity (CCTS CP) registered a stagnation of purchasing power, consolidating the March contraction”CP Consultores explained in his latest labor market report. This occurs after an important slowdown of the salaries negotiated in the agreements, in line with the official salary guideline.
“Those who signed recoveries, did so through fixed sum increases (in general non -remunerative). This makes the recompositions sporadic and short -range“, analyzed the consultant directed by Federico Pastrana.
In March, public sector salaries had a lower fall than those in the private sector (0.4% real). Although while the private sector assets are at levels of November 2023, the public is 15% real below.
Employment: year -on -year fall and losses in the industrial sector
Registered employment also shows signs of sustained recovery. In March there was a general contraction, with an interannual fact of falling 3.4% despite the comparative base of 2024. instead, Only registrations as monotributistas grew, while the private sector lost 7,000 jobs in the month.
The industry It was the most beaten, with some 4,000 less. Since August 2023, the private sector accumulates the loss of 155,000 registered jobs, reflecting the difficulties of the current economic model to generate quality work, even in activity bouncing contexts.
image.png
Such is so, that the Unemployment rate grew at 7.9% In the first quarter of 2025, being the highest since the beginning of the current management. This happens despite the recovery of some activity indicators, which shows that The economic rebound fails to trace the labor market.
This unemployment increase is combined with a deterioration in the quality of employmentsince while independent and unregistered positions grow, formal wage earners fall. According to the report, Informality is consolidated as a structural feature under the current scheme.
The tendency to Real salary stagnation And the persistence of the Contraction of registered employment confirm that the Inflationary deceleration is not enough to recover lost purchasing power. With peer agreeing increases below inflation and a labor market without formal employment generation, the CP report provides for a second semester without significant rebound in household revenues.
Source: Ambito
