In year-on-year terms, the level of registered salaried employment maintains an increase of 0.1%, practically stagnant. The sector with the lowest hiring and layoffs was Construction.
He registered employment, According to the information provided by the Labor Indicators Survey (EIL) published by the Labor Secretary, revealed that in the month of February employment fell in net terms by third consecutive month. Thus, the contraction between November 2023 and February 2024, it reached 0.9%. Meanwhile, that month it was observed the largest net drop in employment since February 2002. In year-on-year terms, the level of registered salaried employment maintains an increase of 0.1%, practically stagnant.
According to the report, in February 2024 all branches of activity experienced contractionand it is the construction sector that presents the largest monthly drop in employment with 1.3% and accumulated 11.2% year-on-year. The rest of the sectors presented more moderate monthly declines and maintained year-on-year growth.
The decline in the level of private registered employment is also recorded in the companies of all sizes, with variations ranging from -0.2% to -0.4%. The most affected are those with between 50 and 199 employed people, with a drop in the number of personnel by 0.4%, which would be MSMEs.
Refering to region with the greatest drop in employment, in it agglomerate of Greater Buenos Aires A greater reduction in jobs is observed (-0.4%), while in the agglomerations of the interior of the country as a whole the fall was moderate (-0.1%).
Both the dismissals and incorporations of personnel showed reduction in relation to the month of January 2024. The entry rate was especially affected: it showed a low level in relation to the months of February in previous years, only compatible with the months of February in the pandemic years (2020 and 2021).
Unemployment and hiring
Despite these bad indicators, the incidence of uncaused dismissals in private registered employment in February 2024 is lower than that of the last three months and the same as in February of last year.
Finally, and for the first time since January 2021, when they were affected by the pandemic, companies’ net expectations regarding hiring for the next three months are slightly negative (-0.2%)
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X-ray of employment by branch of activity
During the month of February, a contraction in the level of employment is observed in all sectors of activity with different levels of intensity: Commerce, restaurants and hotels register a drop of 0.1%; Manufacturing Industry and Communal, Social and Personal Services both present a reduction of 0.2%; and Transportation, storage and communications, as well as Financial services to companies, show contractions of 0.3%.
For its part, employment in Construction sector registers a significant drop of 1.3% in relation to the previous month. This sector has maintained negative monthly variations since August 2023 and accumulates an annual reduction of -11.2%.
In the annual comparison—with the exception of Construction and Transportation (which remains stable)—the rest of the sectors continue with positive variations in the level of employment.
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Source: Ambito
