The unemployment rate fell to 6.9% in the second quarter of the year

Also, the 6.9% for April-June was one tenth below the 7% registered in the first quarter of the current year, according to INDEC.

The drop in unemployment occurred along with a growth in the Gross Domestic Product (GDP) of 6.9% between the second quarter of this year and the same period in 2021.

Meanwhile, the demand underoccupation also fell in the second quarter of this year to 7.7%, compared to 8.5% in the same period of 2021, and something similar happened with the “non-demand”, which fell to 3, 5% from 3.9% .

It should be remembered that in the framework of the Council of the Americas held last month, the economy minister Serge Massa stated that the unemployment in Argentina it fell to 6.7%, a figure that INDEC itself stated that it did not have closed at that time.

“During the first half of the year, activity grew by 6.5% year-on-year (y/y), which allowed the level of employment to grow close to 6% y/y. However, in line with an acceleration in inflation towards the second semester (6.5% m/m floor equivalent to +110% annualized) together with the tightening of access to imported inputs, we project a drop in activity by the end of the year, and annual growth decelerating sharply until achieve average annual rates of 3.5%”, analyzed LCG.

And he added: “In this sense, we expect job creation to moderate in view of lower activity. In turn, the erosion of real wages due to inflationary dynamics could lead to the search for employment to provide new income in the households, resulting in a higher activity rate which, if not validated by job creation, would result in an increase in the unemployment rate”.

“The unemployment rate in the second quarter was 6.9%, the lowest since the recovery of the INDEC at the beginning of 2016. A good figure in the context of the increase in occupational precariousness and salary deterioration”, highlighted Luis Campos , coordinator of the Social Law Observatory of the CTA.

In a post on Twitter, he highlighted: “The lowest unemployment records, below 2%, were in Viedma, Comodoro Rivadavia and Santiago del Estero. The highest, above 8%, in C√≥rdoba, Mar del Plata and the matches of Greater Buenos Aires”.

According to the official statistical agency, For the population aged 14 and over, the unemployment rate (UR) was 7.8% for women and 6.1% for men.

Among the regions, those that showed the highest TD were the regions Greater Buenos Aires and Pampeana, with 7.8% and 6.5%, respectively. On the contrary, the region with the lowest TD was the Northeast (4.1%).

Regarding the size of the agglomerates, the TD was lower in the agglomerates with a smaller population: in the agglomerates with less than 500,000 inhabitants, it was 4.6% of the PEA, while it was positioned at 7.3% in those with 500,000 and more inhabitants.

In reference to the educational level of unemployed people, 67.9% have completed up to secondary school, and 32.1% have a higher or university level, complete or incomplete.

While in terms of search time, 59.4% have been looking for a job between 1 and 12 months, while 40.4% have been looking for more than a year.

Likewise, activity and employment rates reached 47.9% -increase of 1.4 percentage points- and 44.6% -increase of 1.3 pp-, respectively. Within the activity rate, there are increases for women and men aged 30 to 64 years of 2.1 pp and 2.2 pp, respectively.

In the previous quarter, these rates were 69.2% and 89.7%, while in the second quarter they stood at 71.3% and 91.9%, detailed INDEC.

Within the employment rate, the increases of 2.4 pp (from 33.5% to 35.9%) for women aged 14 to 29, and 2.3 pp (from 86.1% to 88.4%) for men aged 30 to 64 years. On the other hand, the underemployment rate was 11.1%, 1.1 pp above the previous quarter (10.0%).

Among the salaried population, the INDEC highlighted that 62.2% have a retirement discount and 37.8% do not. The salaried population with a retirement discount showed a relative decrease from 64.1% to 62.2% (1.9 pp), so that the group of salaried people without a retirement discount increased from 35.9% to 37.8%.

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