Since December 2023, more than 330,000 have been closed salary accounts. In April alone compared to March, 65,532 were eliminated. The data responds to the monthly report of Financial Entities published by the Central Bank and coincides with the effect that the recession causes on the deterioration of employment.
The official data indicates that in April there are 10,100,959 salary accounts, while in March there were 10,166,491, that is, 65,532 fewer. The closing of salary accounts was recorded both in state and private banks.
The Central Bank statistics record each month the number of salary accounts that had accreditations, in other words, that They received money from employers.
The latest employment data, according to INDEC
He unemployment increased strongly (0.8 percentage points -pp) to 7.7% during the first quarter of the government of Javier Milei compared to the same period of the previous year, as a result of the significant recession suffered by the economy, as reported this Monday by the National Institute of Statistics and Censuses (INDEC). This is the highest indicator since the exit from the pandemic, in the second quarter of 2021.
Extrapolated to the total population, the number of unemployed reached 1,731,000 in the first quarter. So, the new unemployed total about 180,000 more people compared to the same period of the previous year, he specified Ambit the economist and director of the Center for Political Economy (CEPA), Hernan Letcher.
In that sense, the economist Daniel Schteingart specified that in the first quarter of 2024 there were 150,000 fewer jobs than in the same period last year.
Inside of working population (44.3%), it was highlighted that the 74.7% are employeesMeanwhile he 35.7% do not have a retirement discount. On the other hand, the 21.9% self-employedhe 3.2% are bosses and the 0.3% are unpaid family workers.
Regarding the composition of the employment ratethe economists highlighted that although there is a “small increase” in registered work (21.1% vs. 21.2%)this is not representative. “The Permanent Household Survey (EPH) -with which this data is based- is subject to a margin of sampling error and only includes 63% of the country. To do this, data is taken from the Argentine Integrated Pension System (SIPA)which are 100% representative”, highlighted Schteingart and specified that in That period, 34,000 new jobs were registered. “It is actually misleading, given the growth that was recorded until September and that from there the decline begins,” he noted.
However, the EPH is the only way to measure the unregistered employmentwhich happened from 11.4% to the 12.3%an increase of 0.9 pp “For every 100 inhabitants, about 11 are salaried workers without contributions, while last year there were 12. This seems to suggest that informal employment suffered more than formal employment”explained the economist.
In comparison with the first quarter of 2023, the activity rate went from 48.3% to 48% (-0.3 pp) while that of employment presented a decrease of 0.7 pp, falling from 45% to 44.3%.
The underemployment rate was located in the 10.2% of the Economically Active Population (PEA)while other busy claimants and non-plaintiffs available together they achieved the 11.7% of the PEA.
Consequently, the pressure on the working marketmade up of the universe of unemployed, underemployed, employed demanders and employed non-demanders availablereached the 29.5% of the PEA, an increase of 2.6% pp compared to the same period in 2023, when this indicator reached 26.9%.
“All the rates that describe the behavior of the labor market worsened in this quarter”highlighted the consultant LCG.
Source: Ambito
