Home » Registered employment fell to 2002 levels: the sectors most affected in February

Registered employment fell to 2002 levels: the sectors most affected in February

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Registered employment fell to 2002 levels: the sectors most affected in February

He registered employment suffered in February its biggest monthly net drop since 2002when one of the deepest economic crises in Argentine history occurred.

According to data from the Labor Indicators Survey (EIL)published by the Ministry of Labor, took place a contraction of 0.3% compared to Januarywhich reached 0.9% if the period of time between November 2023 and the second month of the year is analyzed.

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In this way, during February it was noted the largest net drop for that month in more than two decades.

This took place simultaneously with a profound depreciation of the purchasing power of wagesof the order of 24%, according to the Average Taxable Remuneration of Stable Workers (RIPTE), with the most abysmal quarterly decline from index history, even surpassing the trademark registered during the 2001 crisis.

The decrease in registered employment in the private sector affects companies of all sizeswith reductions ranging between 0.2% and 0.4%. The most impacted companies They are those that have between 50 and 199 employeeswhich corresponds to SMEs, with a drop of 0.4% in the number of workers.

Despite the bad indicators, the layoff ratewhich is calculated considering “dismissals without cause, the end of the trial period and the completion of work (in the case of Construction),” as described in the letter, It is the lowest in the last three months: 0.5%.

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“This behaviour It is common in contexts of decline in economic activity. The level of employment It is adjusted mainly due to the reduction in personnel incorporations and not so much due to the increase in dismissalswhether decided by people or by companies,” the document argued.

Textile sales fall sharply: more than half of the companies announced layoffs or suspensions

Construction, the sector most affected by the fall in formal employment

Regarding the most affected sectors, it is observed a contraction in the level of employment in all sectors of activity with different levels of intensity.

Commerce, restaurants and hotels recorded a drop of 0,1%the manufacturing industry and communal, social and personal services both presented a reduction in 0,2%and transportation, storage and communications, as well as financial services to companies, showed declines in 0,3%.

However, It was the construction sector that suffered the biggest decline, with a deep decline of 1.3%. In this way, the sector maintains the negative trend which has been looming since August 2023 and accumulates an annual reduction of 11.2%.

Refering to region with the greatest drop in employment, in it agglomerate of Greater Buenos Aires a greater reduction in jobs is observed (0.4%), while in the group of agglomerates In the interior of the country the fall was moderate (0.1%).

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