It should be remembered that the ENE is calculated by crossing the responses of employers on whether they plan to increase, reduce or maintain the number of workers they have. The results reveal that 27% of the employers surveyed plan to increase their staffing, 29% decrease it, 39% do not expect to make changes and the remaining 5% do not know if they will make them during the surveyed period.
The survey was carried out between July 3 and 30, at which time the country was going through changes in the Minister of Economy and an increase in the price of the dollar in the Electronic Payment Market (MEP).
“The prediction of Argentine employers for the last quarter of the year reflects a weakening in hiring intentions, especially in the quarterly variation”assured Luis Guastini, General Director of ManpowerGroup Argentina, who also explained: “In recent months and coinciding with the fieldwork survey period, there have been changes in the political-economic scenario that generated uncertainty in the labor market and a conservative response on the part of of employers”.
In dialogue with Ambit, added that “We observe that when uncertainty arises, the business community takes time to change its perspective”. Given the situation, no major changes should be expected in the short term.
A phenomenon that has been observed is that despite the economic situation, consumption linked to leisure and enjoyment remains active. Analysts see that given the impossibility of saving, due to inflation, and that access to certain goods or even foreign tourism was made difficult, Argentines turned to “burn” their pesos. It makes more sense to spend them than to save them.
This is reflected in the fact that the Restaurants and Hotels sector leads the trend in job creation, with an ENE of +16%, in the ManpowerGroup survey. And in fact, the weakest expectations are in trade and the financial sector.
Regional comparisons
In two of the six regions of the country surveyed, employers expect to increase their payrolls during the fourth quarter of 2022. Patagonia leads this trend, with an ENE of +18%, followed by AMBA, with +2%, while the region Pampeana shows the weakest contracting expectations, revealing an ENE of -8%. For its part, Northwest Argentina (NOA) shows null expectations.
The impulse in Patagonia is marked by domestic tourism and activities related to energy and mining.
“Compared to the period surveyed previously, we note that hiring intentions decrease in five of the six regions. Cuyo leads this trend with a decline of 31 percentage points, followed by the Pampean region and NOA, both with a decline of 24 percentage points,” the report states.
In the rest of the world
In the Americas, employers in the eleven countries surveyed expect increases in their hiring expectations for the fourth quarter of the year. In turn, compared to the third quarter of the year, hiring intentions increased in five of the eleven countries surveyed.
Brazil leads this trend (+56%), followed by Costa Rica (+52%), Colombia (+46%) and Panama (+45%). In contrast, Argentina is the country with the weakest expectations in the region (+9%), followed by Canada (+30%) and Peru and Puerto Rico (+32%).
Globally, employers project to increase their payrolls in 38 of the 41 countries and territories surveyed.
Source: Ambito
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