Publications

The labor market showed a partial recovery in September, following the sharp deterioration recorded in August, partly due to the earthquake. The national unemployment rate declined to 8.0%, from 8.2% a year earlier. However, the slowdown in job creation persists.

Employment increased by 0.3% quarterly SA (2.1% year-on-year) in the third quarter, two tenths less than in the second. Hours worked and the labor force also grew, while the unemployment (10.2% SA) and temporary employment (14.9% SA) rates barely changed for the second consecutive quarter.

The minimum wage debate in Peru presents two views: the competitive one, warning of unemployment and informality risks, and the non-competitive market perspective. Given Peru's low productivity and high informality, excessive hikes could harm the most vulnerable workers in the labor market.

In August, the unemployment rate stood at 9.4%, up from 8.6% in August 2025, interrupting the year-on-year declines observed month after month over the past two years. Meanwhile, employment fell by 0.5% year-on-year, equivalent to a loss of 126,000 jobs.

Social Security affiliation increased by 92,300 people and unemployment by 23,600. Adjusted for seasonality, an increase of 103,000 contributors and 9,000 unemployed people is estimated. In 3Q26, employment and unemployment increased by 1.1% quarter-on-quarter CVEC due to the extraordinary regularization of immigrants.

The rise of extortion in Peru is analyzed as an efficient criminal market: high profits, near-total impunity, and low opportunity costs for criminals. This phenomenon, driven by informality and institutional weakness, negatively impacts the national economy by 3.1% of GDP.

Social Security affiliation fell by 162,800 people and unemployment grew by 44,400. Adjusted for seasonality, an estimated rebound of 74,000 contributors and 10,500 unemployed is estimated. The extraordinary regularization of immigrants may have added 211,000 foreign affiliates and 64,900 unemployed up to August.