Formal employment accumulates 19 months of growth in October 2022, reported the BCR

In October 2022, total formal employment nationwide increased 5.1% year-on-year, adding 285,000 jobs compared to October 2021, according to the weekly note of the Central Reserve Bank (BCR).

In this way, 19 months of successive growth in formal employment accumulate in October of this year according to the attached graph.

Regarding private formal jobs, the BCR indicated that these continue with the positive growth registered since April 2021, increasing 6.4% year-on-year in October 2022.

In addition, the increase in jobs in the formal private sector occurred mainly in the service sector with a growth rate of 10%.

For its part, the total wage bill increased 9.5% in October compared to October 2021, associated with the increase in jobs and remunerations.

Finally, the BCR pointed out that the wage bill in the private sector increased 11.1% year-on-year in October, mainly due to the increase in the wage bill in the services sector, it said.

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