According to the data of the YES DADin March the registered salaried employment in the private sector grew 0.3% per month in the series without seasonality and around 4% year-on-year. Thus, the indicator continues to improve despite a context of accelerating inflation and projections of a slowdown in the level of economic activity.
This way, It is estimated that in March around 19,000 people accessed formal private wage employment. “Despite the inconveniences experienced in recent months in economic activity, especially conditioned by the phenomenon of drought, in March 2023 the growth rate of registered employment was similar to that verified in the previous seven months (the monthly variation rate between August and February ranged between 0.2% and 0.4%)”, explained from the Ministry of Labor.
“That is to say, In recent months, registered employment growth has held up with some vigor despite the changes in the economythis is a novel characteristic for the dynamics of formal salaried work, which, in general, is very sensitive to the economic and productive situation”, added the study.
With the March expansion, 32 months of consecutive growth in private registered salaried employment accumulate: throughout this period, it is estimated that some 534,000 people accessed formal jobs in private companies. “The current one is the longest period of growth in at least the last 14 years (the only phase that comes close to the current one is the one that lasted for 28 months between September 2009 and December 2011)”, detailed the report. official.
In addition, it was highlighted that in March of this year “the level of employment is 0.7% higher than that verified in December 2017, when the previous record of registered work is verified”. “In this way, the process of expansion of current formal employment made it possible to recover the job lost during the pandemic and to reintegrate all formal salaried work unrelated in the period between 2018 and 2019,” it was stressed.
In year-on-year terms, in 11 of the 14 sectors of the economy the level of formal employment grew: only the agricultural, fishing and financial intermediation sectors contracted. While the two sectors that lead the growth of workers with registered employment in the interannual comparison are Hotels and restaurants (which presents a growth of 16.7%) and Construction (12.5%).
Meanwhile, as explained by Luis Campos, Coordinator of the Social Law Observatory of the CTA – Autonomous, “Outside the private sector, registered self-employment fell in March and ended a very poor quarter, falling below December 2022.”
“The worst part continues to be taken by the registered wage earners of private homes. They fell again in March, they cannot find a floor, and to find a lower level you have to go back to March 2017. Since December 2019 they have accumulated a decline of 7.5%,” he said from his Twitter account.
Employment: projections for the coming months
After the growth registered in March, the trend appears to have continued in April. This is clear from the information surveyed by the Survey of Labor Indicators (EIL) in the main urban centers of the country, which details that in the fourth month of the year “the level of private employment registered in companies with more than 10 employed persons increased by 0.2% in relation to the previous month”. This increase is mainly due to contributions from the Construction, Commerce, Restaurants and Hotels, and Manufacturing Industry sectors.
“Finally, the net expectations of the companies in relation to the hiring of personnel for the next three months remain positive. This indicator arises from the difference between the proportion of companies that expect to increase their endowments and those that expect to decrease it: of the 3.7% of the companies that declare that they will make changes in their endowments in the next three months, 3% expect to increase the endowment and 0.7% estimate that they will reduce it; that is to say that the expectations of net growth of expected employment are explained by 2.4% of the total number of private companies”, concluded the report.
Source: Ambito
