The hourly underemployment rate is at its highest level in the last three years, at 10.9%, according to IDECBA. Salaried work fell and self-employment grew in the City, reaching its highest level in the series.
The unemployment rate of the City of Buenos Aires grew from 6.8% to the 7.3% in the second quarter of 2024, its highest level in two yearsaccording to the “Labor Indicators” report of the Institute of Statistics and Census of the City of Buenos Aires (IDECBA)Extrapolated to the population, unemployment reached 124,500 residents of Buenos Aires.
Among the areas hardest hit by the unemployment are found in the South of the Citywith the highest rate in the order of 11.4%some 3.7 percentage points (pp) above the average. For its part, the Downtown Buenos Aires is at 6.4%and the North at 5.4%.
In the second quarter of this year, the hourly underemployment rate recorded the highest value of the last three years (+10.9%)while the underemployed population in demand represents just over half of the underemployed population (50.6% vs. 41.8%).
The Economically Active Population (PEA – 1,710,500), composed of the employed population plus the unemployed, shows an interannual reduction in its volume of 1.9%with different dynamics by sex: the Female EAP shows a decrease of 4.3%while the male practically stable (+0.5%).
Salaried workers recorded the lowest rate in the series
In the City of Buenos Aires, formal employment continues to be a problem. In the second quarter of 2024, The employed population working as wage earners is at 71.3%, the lowest level in the series that began in 2014.
However, the salaried population that receives pension discounts increased in the year-on-year comparison, going from 70.4% to 73.9%, The percentage remained at its highest level in three years for the second quarter. However, as the employed population decreased, “the volume of the salaried population with discounts remains unchanged compared to 2023,” the report highlights.
Almost a quarter of those employed are within the self-employed population (24.7%)the highest incidence in the series. In absolute values, an interannual increase of 5.4%“contrary to the reduction in the total employed population.”
Source: Ambito
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