Argentina: Unemployment dropped to 5.4%.
Argentina: Unemployment dropped to 5.4%.
This way, unemployment affected 1.1 million people.
The unemployment rate in Argentina stood at 5.4%, representing a decrease of 1.3 percentage points compared to the 6.7% recorded in the same period last year, as reported by the National Institute of Statistics and Census (INDEC) on Wednesday. This means that unemployment affected 1.1 million people.
Out of 42.5 million people, 52.7% are part of the inactive population compared to 47.3% of the economically active population. There were 19 million employed citizens, of whom 2.9 million were job seekers and 2 million were underemployed (working less than 35 hours per week and willing to work more hours).
Both the labor force participation rate (47.3%) and the employment rate (44.7%), as well as the unemployment rate (5.4%), recorded their best data in the third quarter of 2023, as reflected by INDEC.
During the same period, the average income was $184,455, comprising the average income of men ($212,532) compared to the average income of women ($156,774), resulting in a gender pay gap of 26.3%. Additionally, 75.7% of the incomes were from employment, while 25.6% were from non-employment sources.
Argentina’s economic situation is characterized by high inflation, fiscal challenges, and currency volatility. The country faces recurring cycles of economic instability, marked by periods of recession and currency devaluation. Structural issues such as high levels of public debt, a large informal economy, and political uncertainty contribute to economic fragility.
Government intervention in the economy, including price controls and subsidies, often exacerbates imbalances and distorts market dynamics. Foreign currency shortages and restrictions on access to dollars further complicate matters, affecting both businesses and individuals.
Efforts to implement structural reforms and stabilize the economy have been met with challenges, and achieving sustainable growth remains a significant task for Argentine policymakers.
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