The employment showed a sign of some dynamism in July after the slight fall it had at the end of the first semester. The National Statistics Institute (INE) reported this Wednesday that the employment rate stood at 56.8%, about 2 points above the record for the same month of 2021 (54.7%). Last month, there were some 1,647,900 employed, according to the INE.
The economist Aldo Lema wrote on his Twitter account that there was a cseasonally adjusted reation of 7,600 jobs in July compared to June and 43 thousand more employed than in the same month last year.
“In general terms, the labor market continues at levels comparable to the end of 2021,” said economist Nicolás Cichevski from CPA Ferrere.
The #job partially recovered in July from the slight drop in the first half
The rate of #job remains at ~57.0% while the unemployment rate stabilizes at ~8.0%.
In general terms, the labor market continues at levels comparable to the end of 2021 pic.twitter.com/PthoDYSRUs
— Nicholas Cichevski (@ncichevski) August 24, 2022
For its part, the unemployment rate in July it stood at 8.1%, with a drop of three tenths of a percentage point compared to June. In July there was 144,400 unemployed. Unemployment in Montevideo was 7.9% and 8.2% in the rest of the country. In July of last year, the unemployment rate was 10.4%.
The INE also disclosed that the Activity rate it stood at 61.8%, just one tenth above the figure for June. This percentage is equivalent to 1,792,200 people in the labor market.
The monthly report indicated that when observing the characteristics of employed people, it was estimated that 8.5% are underemployed, while non-registration to social security due to their main job stood at 20.9%.
In his last report of the Rendering of Accountsthe Ministry of Economy and Finance estimated that The number of employed will have a recovery of 2.5% this year, which is equivalent to 40,000 additional jobs compared to 2021. And for 2023, the government projects that the employed population will be 1.69 million, which implies an increase of another 30,000 jobs compared to 2022.
“The joint trajectory of wages and employment is projected to evolve in line with economic activity. In this context, the current government administration will continue to promote employment simultaneously with the recovery of real wages, in this context of GDP growth”, says the report.
