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Private employment accumulates 19 months of "net growth"

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Private employment accumulates 19 months of "net growth"

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Private registered employment grew by 0.6% in July compared to June, equivalent to 36,410 jobs, which represents 19 months of “net growth”, which adds to the recovery of 399 thousand positions since the minimum produced by the pandemic of Covid-19 in July 2020, according to a report by the Center for Argentine Political Economy (CEPA).

In July, “practically the 14 sectors increased the number of workers”said the CEPA in its “Analysis of the situation of private registered employment – Data as of July 2022” published this Saturday.

“It is likely that all the positions lost during the management of Cambiemos will be recovered in the next three to four months”

By sector

The recovery was driven by the items Commerce (+8.6 thousand), Industries (+6.2 thousand), Construction (+5.5 thousand) and Tourism (+6.1 thousand); while Health, Electricity, gas and water and Finance “although they did not have significant growth in jobs, they did not register destruction either,” the report highlights.

On the other hand, the sectors of Fishing, Education and Agriculture “present reductions with respect to the previous month”, it is added.

On the other hand, sectoral heterogeneity continues to decline, but remains a specific phenomenon after the impact of the pandemic.

In this sense, nine dynamic sectors are already above pre-pandemic levels, among which Industry (0.5%) and Real Estate (0.6%) stand out with more than 74 thousand and 68 thousand additional jobs.

For their part, three are in recovery, creating jobs from July 2020 onwards but without reaching the levels of February of that same year, as occurs in the Tourism (2.4%), Communication (0.5% ) and Transportation (0.4%).

While two remain in crisis, computing fewer workers compared to the pandemic floor, as is the case of Agriculture (-0.1%) and Finance (0.1%), which did not show job creation in July.

“With this result February 2020 levels were exceeded although 68,000 jobs still need to be recovered to reach the levels prior to the Cambiemos crisis (April 2018/December 2019),” indicated CEPA

The situation prior to the pandemic was “critical”

In this regard, the Center considered that prior to the pandemic, “private employment was already in a critical situation” since “the crisis of the Government of Cambiemos meant the net destruction of 276 thousand jobs and by July 2022 208 thousand have been recovered positions above the minimum recorded during the pandemic.

With the current evolution, “It is likely that all the positions lost during the management of Cambiemos will be recovered in the next three to four months”he points out.

Another aspect highlighted in the report is that “95% of the provinces already register more private employment than in February 2020, and regional heterogeneity is no longer observed as in previous months.”

In this regard, the CEPA emphasizes that there is evidence of a homogenization in the recovery of employment levels at the national level, and that the city of Buenos Aires, Cuyo and Northwest Argentina are the regions that presented the most difficulties in recovering the employment levels of February 2020. .

Finally, it is concluded that in the June-July two-month period, the increase in the median and average salary was 9.1% compared to inflation of 13.1%.

“The current level remains at values ​​equivalent to the end of 2019, it has not managed to recover anything lost during the Cambiemos administration”, which “differs from what happened in the employment series, where the recovery of positions reached 75 % of what was lost”, concludes the report.

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