Formal employment grew and is the highest in the last 14 years

Formal industrial employment accumulated 33 consecutive months of growth and presented the highest level of employment in four years, according to the Observatory of Employment and Business Dynamics of the Ministry of Labour, Employment and Social Security.

According to these numbers, formal private employment in the industry grew by 0.3% in February compared to January, leaving more than 3,000 jobs in one month. And he assures that it is the longest expansion since 2009.

In year-on-year terms and with respect to February 2022, growth in formal industrial employment was 4%. Compared to the pre-pandemic (December 2019), the increase was 8.8%, that is, approximately 96,000 new jobs. The data on the total number of jobs created in the industry adds to the general growth in registered private employment, which according to government estimates exceeded 6,350,000 wage earners in February, the highest level in 14 years.

The growth of this type of employment in February was 4.2% in relation to the same month of 2022 and 0.2% compared to January, a period in which 12,831 joined the formal labor market.

Regarding the total, the sectors that grew the most were Hotels and restaurants (+0.8%), Community, social and personal services (+0.5%); Exploitation of mines and quarries (+0.4%), and Commerce (+0.4%). The Secretary of Industry and Productive Development of the Nation, José Ignacio de Mendiguren, said that “despite the difficult moment, the actors of the real economy are looking to the future with expectations of growth.” And he added that this is related to the “road map drawn up by Sergio Massa” whose objective is “to order the variables of the economy while maintaining the level of activity and employment.”

However, these estimates from the Ministry of Labor leave out those who have precarious or unregistered jobs, which are the sectors hardest hit by inflation and the economic crisis.

The latter represent almost 60% of the population over 18 years of age in Argentina, according to the latest report from the Observatory of the Argentine Social Debt of the UCA (ODSA).

Those who are in this group, in addition to not having access to social benefits and retirement contributions, are not recipients of relief measures, such as the increase in basic wages or the non-taxable minimum in Earnings.

“In 2021 and 2022, after the crisis generated by social isolation policies, the population’s participation in the labor market and the number of employed people increased with respect to the total population,” he said in his latest report. of the ODSA.

However, also note that there is an increase in the percentage of people who perform intensive unpaid domestic work, a figure that reached 64.5% of the population aged 18 or over.

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