Unemployment was 7.7% in the first quarter of 2024: there are now 1,740,000 unemployed

Unemployment was 7.7% in the first quarter of 2024: there are now 1,740,000 unemployed
Unemployment was 7.7% in the first quarter of 2024: there are now 1,740,000 unemployed

From the hand of the fall in economic activity and the adjustment implemented since the beginning of Javier Milei’s administration, In the first quarter of this year employment fell and unemployment increased. Employment also fell and unemployment increased compared to the first quarter of 2023. In addition, the number of employed and unemployed people seeking employment grew.

The data is from INDEC, which indicates that in the first 3 months of Javier Milei’s administration “the activity rate was 48.0%, 0.6 points below the previous quarter (48.6%). In the case of the employment rate it was 44.3%, 1.5 points less than the fourth quarter of 2023 (45.8%). For its part, the unemployment rate showed an increase of 2.0 points this quarter (from 5.7% to 7.7%).

Projected to the total population (47.1 million), the number of unemployed increased from 1,280,000 to 1,740,000 people. There are 460,000 new unemployed. In the first quarter of 2023 there were 1,550,000.

Of the new unemployed, the majority were wage earners who had a job in the private sector.

Of the total of 1,740,000, 695,000 live in the Metropolitan Region (Capital and suburban districts). In the fourth quarter of 2023 there were 514,000.

The suburban districts now had the highest unemployment rate, 9.9% versus 7.4% in the previous quarter. With underemployment at 10.5%, in the Greater Buenos Aires districts 1,251,000 people have employment problems.

If the unemployed who are looking for work are added to the employed who are looking for another job who are dissatisfied with the one they have and those that are available, the pressure of demand on the labor market increased. in just one quarter from 27.4% to 29.5% of the active population. There are more than 6.5 million people.

Based on the INDEC report, the consulting firm LCG says that “all the rates that describe the behavior of the labor market worsened in this quarter. Simultaneously with the increase in unemployment, a reduction in the economically active population was observed. This can be attributed, in the context of the economic recession, to a decrease in the job search by the population due to the negative prospects for finding work. It should be noted that an increase in demanding underemployment was also recorded.”

The INDEC Report highlights that:

• The 7.7% unemployment rate is broken down into 7% men and 8.4% women.

• The current level of unemployment is the highest since the third quarter of 2021 (8.2%) in the midst of the second wave of coronavirus and with its restrictions on activity and circulation.

• Among women aged 14 to 29, the unemployment rate showed an increase of 4.0 points (from 13.4% to 17.3%). Among men of the same age, this rate rose 2.6 points (from 11.5% to 14.1%).

*There was an increase in the proportion of those who have been looking for work for less than a month of 1.4 points. (from 13.4% to 14.9%) and of those who have been in that situation for one month and up to three months from 25.4% to 30.3% (4.9 points).

* According to the branches of activity of the last occupation of the unemployed population, an increase of 2.1 points was observed in construction (from 14.8% to 16.9%) and in domestic service of 1.6 points. (from 12.6% to 14.2%).

• Of the employed employees, 35.7% are informal (they do not have a retirement discount)

*In reference to the educational level of unemployed people, 72.7% have completed secondary school or higher, and 27.3% have a higher or university level, complete or incomplete. Regarding the search time, 71.7% have been looking for a job from less than 1 month to 12 months, while 28.3% have been looking for more than a year.

The index, which was recorded for the months of January, February and March, is the first fully measured during the government of Javier Milei.

In the last quarter of 2023, the unemployment rate in Argentina had reached 5.7% and had maintained the level reached in the third quarter, when the same figure was recorded, during Alberto Fernández’s time.

During the first quarter of the year, the regions that showed the higher rates of unemployment were the Greater Buenos Aires (9%) and the Pampas region (6.8%). Meanwhile, the region with lower rate unemployment was Whose (4.5%).

When measured by gender, the unemployment rate was 8.4% for women and 7% for men.

In reference to education level of unemployed people, 72.7% have completed secondary school or higher and 27.3% have a complete or incomplete higher and university level.

The unemployment rate is calculated based on people who do not have a job, are available for work and are actively seeking employment, within the economically active population.

As for the search time71.7% have been looking for a job from less than a month to twelve, while 28.3% have been looking for more than a year.

Finally, the pressure on the labor market, made up of the universe of unemployed, underemployed, employed demanders and employed non-demanding workers available, reached 29.5%.

 
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