Which sectors were most affected?

During May, SIPA observed a contraction of the level of employment in almost all sectors of activity with different levels of intensity:

• Manufacturing industry: a fall of 0.4%;
• Trade, restaurants and hotels: a decrease in 0.4%.
• Transportstorage and Communications: a fall of 0.3%;
• Supply of electricity, gas and water: a drop in 0.3%.
• Construction: fall of 0.3%. This sector has maintained the negative trend since August 2023 and has accumulated a annual reduction of 14.8%.

On the other hand, the branches that did register growth were Agriculture, livestock, hunting and forestry (0.7%); Fishing (0.6%) and Mining and quarrying (0.1%).

Specifically, people with registered work went fromand 13,359,000 in December 2023 to 13,244,000 in May of this year. This is a drop of 115,000 jobs within the registered sector. In addition, the report stated that in the fifth month of the year All sectors experienced a decline of registered employment: domestic staff, self-employment, public and private sectors.

In comparison year-on-year, total number of workers with registered employment was reduced by 1.4%. “This drop in salaried employment is due to the decline shown by the private sector and domestic workers (-2% and -4.6% respectively),” the report explained.

According to SIPA figuresthe level of private employment registered in companies during May 2024 presented a contraction of 0.1% compared to April and has accumulated a reduction of 2.1% since December 2023.

Meanwhile, the independent work showed a drop in relation to the previous month 0.1%; while the social single tax recorded a decline of 1.0% and self-employeda drop of 1.4%.

The survey also detailed which provinces registered the largest decline in May: Tierra del Fuego (-1.4%), Formosa (-1.2%), Santa Cruz (-1.0%), Corrientes (-1.0%) and Catamarca (-0.9%).

What happened to wages in May

On the other hand, the report indicated that “the average gross nominal remuneration May 2024 was $1,076,248and grew by 254.9% compared to the same month of the previous year.” “The average gross salary was $827,988, and increased by 247.6% in the interannual comparison,” he added.