labor market latest publications
In April, the national unemployment rate was 11.2%, 4.3 p.p. lower than a year ago, in the same month and the urban rate was 11.1%, 6.4 p.p. lower than a year ago. Between March and April 2022, the seasonally adjusted unemployment rate decreased by 0.4 p.p. at the national level and by 0.9 p.p. at the urban level.
Economic activity grew 3.8% YoY in March, following a 4.9% print in February. The non-primary component grew 5.4%, reflecting the removal of sanitary isolation measures. The primary component of GDP fell -2.2%; the sterner contractions of Fishing and Metallic Mining stand out.
Enrollment increased in March (140,200 persons), temporary employment fell (to 69.3%) and unemployment barely change (-2,900 persons). Seasonally adjusted, this pattern was confirmed. In 1Q22, Social Security affiliation (1.2% t/t CVEC) and hiring (1.5%) grew while registered unemployment fell (-5.4%).
March 15, 2022
Peru | Growth accelerated at the beginning of the year but more complicated scenario ahead
GDP accelerated in January due to the normalization of mining output and the activities in the services sector. However, early indicators indicate that activity will slow down going forward, in an environment of weak business confidence, contraction in public investment and withdrawal of economic stimuli.
February 25, 2022
Mexico | Pandemic and lack of investment damage the labor market and increase poverty
The economic crisis caused by the pandemic and the economic policy response (or rather, its absence) caused significant damage to the Mexican labor market.
After a 13.1% rebound in 2021, this year the economy will grow 2.3% in a context of sustained confidence weakness, withdrawal of economic stimuli and lesser external tailwinds, despite the progress in vaccination and the beginning of operations of new copper mines. For 2023, we expect a 3,0% expansion.
Leaving aside divergences in the short term, a comprehensive, balanced approach must pay attention to all the underlying information on the ongoing recovery of the Spanish economy that indicators such as GDP and employment can offer us.
November 3, 2021
Colombia | In September, the labor market continued to improve but at a slower pace
In September, the unemployment rate was 12.1%, lower than in September 2020, but higher than in the same month of 2019. Between August and September 2021, with comparable data, the unemployment rate decreased by 0.2 p.p..