What suggests that the employment scenario would not have changed substantially is that during this period economic activity continued to show signs of dynamism, something that began to change only from October. In fact, analysts agree that the pace of activity in the first nine months of 2022 was better than expected.
“The dynamics of the activity continued to be positive during said period and marked an average growth of 5.7% year-on-year, due to what we expect is that the occupancy rate will remain at high levels: 43.5%, with an increase of 0.6 year-on-year points”the consultancy LCG said in a report.
The consultant warns that “in a context of falling real income, it is to be expected that, at least, participation in the labor market will not be reduced, so that the unemployment rate would not present large variations.” “Thus, we project that this will remain around 7% for the third quarter of 2022”indicates the private report.
In it second quarter, the activity rate, which measures the economically active population over the total population, reached 47.9%, and the employment rate, which measures the proportion of employed persons in relation to the total population, 44 .6% In the third quarter of 2021 there were 1.1 million people without work in 31 urban agglomerates surveyed by INDEC and in the second quarter of this year it had dropped to 957,000.
As stated in his latest report, the Center for Production Studies (CEPXXI), which depends on the Ministry of Industry and Productive Development, “total registered employment accumulates 20 consecutive months of month-on-month growth and maintains the highest rate of job creation since at least 2012.”
“In August of this year, more than 728,000 additional registered workers were registered compared to December 2019 (+6%), according to the registry of the social security system (SIPA)”, indicates the official report. The work also highlights that “this dynamic was also present in registered salaried employment in the private sector: with average month-on-month growth rates so far this year similar to those of 2011, and with a rate of job creation that was not registered from 2010-2011”.
The CEP XXI maintains that “the recovery of formal employment in companies is widespread, with 10 out of 14 productive sectors creating formal jobs compared to a year ago”. “Particularly -he states- in August 30,800 new workers were registered compared to July, of which 6,500 correspond to salaried workers registered in private companies.” In August, the most dynamic sectors were: hotels and restaurants (21,700 new formal workers compared to August 2021), construction (14,400), mining and oil (7,300) and commerce (6,200 employees).
“Knowledge-based services accumulated 26 uninterrupted months of growth until July, and exceeded 300,000 formal jobs for the first time in history”points out the CEPXXI.
Source: Ambito
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