Report: Argentina has lost 142,000 jobs since last October

31-08-2024 06:06

While some regions manage to stay afloat thanks to investment in key sectors, others are in a deep crisis due to the fall of consumption.



The inactive population in Argentina reaches 8 million people. | JUAN VARGAS/NA

Between the seven months from October 2023 to May 2024, Argentina faced the loss of 142,000 formal jobs. This phenomenon shows the gravity of the recession, but also the disparity in the economic recovery among the different provinces of the country.

According to a report by consultancy Econviews based on data from the SIPA Argentine Integrated Social Security System, the private sector was most affected, with the loss of 132,000 jobs.

Within this sector, construction heads the list of activities most harmed, with a reduction of 73,000 formal jobs: “Construction, which is historically pro-cyclical, has been especially hit by the recession, which was made worse by the halting of public works”, highlighted the report, which underlines a 31.4-percent fall, overtaken only by the 2001-2002 crisis and the pandemic.

The manufacturing industry was also severely hit with the loss of 25,000 jobs in the same period. Factors such as the foreign exchange appreciation, fall in consumption and the modifications of the PAIS tax have all contributed to a gloomy outlook for this sector, where the import of finished supplies and goods competes directly with local production.

More:
https://www.batimes.com.ar/news/economy/unemployment-in-argentina-the-loss-of-142000-jobs-affects-nine-provinces.phtml