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Registered employment showed its worst drop since the pandemic in March

Registered employment showed its worst drop since the pandemic in March

According to a report by Politikón Chaco, at the national level, 354,428 jobs were recorded in construction, the lowest volume of employment since August 2021. This figure is equivalent, in the year-on-year comparison, to a decrease of 20.6% (fifth consecutive month of year-on-year decreases).

The collapse of registered work in construction

This is the most significant relative decrease of the last forty months (you must go back to November 2020 to see a greater drop, which was -21.1% at that time); Furthermore, it is equivalent to the loss of 91,929 jobs compared to March 2023.

The situation is equally negative when observing the monthly comparison: A decrease of 2.1% was recorded compared to the previous month (February 2024), thus losing 7,672 formal jobs in the sector in just that month and accumulating its seventh decline in a row.

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By accumulating these seven monthly losses, from September 2023 to March 2024 90,240 formal jobs disappeared in the construction sector; and 67,811 were lost from December 2023 to March 2024 particularly.

Regarding the regional breakdown, Patagonia showed the slightest decline with a fall of 11.3%, oxygenated by the Neuquén sector and the infrastructure in Vaca Muerta.

The Argentine Northeast (NEA), meanwhile, reported a drop of 53.7%, figures that were not even seen in the middle of the pandemic.

The collapse by region and provinces

Regarding the rest of the regions, the Pampeana and AMBA showed falls lower than the national level (-17.1% and -16.9% respectively) while the NOA and Cuyo did so above the same (-23.7 % and -32.8% respectively).

In the monthly measurement, Except for Patagonia (it grew 0.6% driven by Neuquén), all regions also presented declines: the slightest was observed in the Pampas with -1.7% while Cuyo exhibited the strongest decline of the month (-5. 4%).

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At the same time, the detailed analysis shows that only one district maintains increases although slowing down: Salta (1.9% vs. 9.0% in February). On the contrary, All other subnational jurisdictions present declines and ten in particular do so at a rate greater than -40%.

In this frame, The sharpest declines were in Chaco (-62.0%) and Formosa (-65.5%). The position of these two provinces as those with the greatest interannual relative falls is repeated for the sixth consecutive month.

The scenario is repeated in the monthly comparison. Increases are only observed in one district (Neuquén with +4.5%, a situation that caused Patagonia as a whole to see a slight monthly increase as previously specified), while decreases were recorded in the remaining districts, being La Pampa the strongest (-11.0%), the only one to fall by double digits.

Source: Ambito

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