formal employment recorded an advance of 4% in September compared to the same period of the previous year. Based on the information from the Electronic Return, the Central Reserve Bank specified that in that month 231 thousand jobs were added compared to the similar period in 2023. These jobs are characterized by having the payment of social benefits, depending on of the regime and size of the company.
The monetary authority explained that said growth is due to the dynamism of employment in both the public and private sectors. In the latter market, the number of formal jobs increased 4.7% in September, its highest level in 15 months. Thus, between entries and exits of workers, in net, an increase of 197 thousand jobs was registered, of which, 135 thousand came from large companies (with more than 50 workers) and the difference from small and medium-sized companies.
“In the month of September, employment grew mainly in companies with more than 50 workers. Among companies with more than 500 employees, jobs increased 5.8%,” highlighted the BCR.
What factors explained the growth?
According to the monetary authority, two factors explained, in part, the dynamism of employment. Firstly, I highlight the increase in the hiring of formal personnel in the agricultural sector, which includes the agro-export sector. The number of workers in this activity grew 14.7% (71 thousand jobs), reaching its highest level of expansion in 21 months.
Without considering the agricultural sector, formal private employment grew 3.4% in the month.
The second most dynamic activity in formal hiring was the services sector, whose number of workers increased by 58 thousand (+2.8%). Within services, the sub-branches that stood out were services provided to companies (with 17 thousand jobs), restaurants (with 11 thousand jobs) and education (with 10 thousand jobs).
In contrast, the least dynamic sectors were electricity (0%) and fishing (-2%).
The second factor that explained the growth of formal employment in the private sector, according to the BCR, was the creation of new companies. In the third quarter of 2024, 56 thousand jobs were created by entering companies and 111 thousand by established companies, while 32 thousand jobs were lost due to company closures. Thus, the net result for the quarter was a creation of 135 thousand jobs.
Regarding the places in which the most formal employment was generated, the provinces stood out. The monetary authority specified that, in Lima, formal employment grew 2.7% (93 thousand jobs), while outside Lima it grew 4.7% (110 thousand jobs).
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