In the ninth month of the year, more than 9,000 jobs were recovered, but the figure is far from compensating for the deterioration since December 2023. Construction was the most affected sector.
Although employment showed its second consecutive monthly improvement in October, In the first ten months of Javier Milei’s Government, job losses continue to be very high. In the segment of employees registered in the private sector, a net contraction of almost 129,780 jobs.
In the ninth month of the year, 10 of 14 sectors recovered employment, highlighting Commerce (+4,656), Real Estate, Business and Rental Activities (+2,402), Industry (+1,625) and Construction (+1,130). In aggregate terms, the rebound reached 9,640 positions.
However, compared to November 2023, prior to the arrival of the libertarians, only Commerce exhibited an increase. Construction and industry were the two most affected sectors, with net losses of 65,323 and 27,733 jobs, respectively.
Likewise, a report from the Center for Argentine Political Economy (CEPA) highlighted that, Regarding jurisdictions, 20 of the 24 registered employment recovery according to the latest report from the Ministry of Labor, although 83% of them have employment levels below November 2023 -recording losses of up to 11.5% of the total private positions, as in the case of Formosa.
On the other hand, data from the Argentine Integrated Pension System (SIPA) reflected that Milei registered 123,112 more monotributists. In the employment modality in private homes, 14,285 jobs were destroyed.
“After the double employment crisis caused by the Cambiemos government and then by the pandemic, by November 2023, all jobs were more than recovered. When the new Government took office, The abandonment of the productive world raised alarms about the labor market“CEPA stressed.
Salaries cut positive streak
In parallel, The average salary of formal workers in the private sector ended a streak of five improvements in a row since in September it fell 0.4% in real terms. Therefore, a 1.5% below November level of 2023.
It is worth noting that this is the segment of workers with the greatest rights and stability, which correlates quite directly with better remuneration. Worse were the deteriorations in the purchasing power of other populations, such as informal or state-owned.
Source: Ambito
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