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Formal employment added 109 thousand new jobs in January, 2.4% less than in 2023, with a marked slowdown in manufacturing and services. Real wage increased 5.6% YoY (15.4% above pre-pandemic), and the total wage bill grew 8.8% YoY (23.9% above pre-pandemic).

In December, a loss of 385 thousand jobs was recorded, marking the strongest seasonal adjustment since 1998. Employment closed the year with an annual growth of 3.0% but was below consensus expectations. The monthly decrease in employment (-)1.7% is primarily attributed to seasonal factors.

… grows by 0.8% MoM in October, slightly below the average since 2010 (0.9% MoM). With the creation of 173 thousand formal jobs, October ranks as the fourth-highest figure since 1998. However, it stands 1.2 percentage points below the average y…

The formal job creation continues to show strength, with a year-on-year growth of 3.4% in September; in cumulative figures from January to September 757K new jobs have been created, the fourth-highest since 1998.

Employment hardly changed between January and March, improving expectations. After adjusting by seasonality, job creation and total hours worked accelerated (to 1.2% and 0.6% t/t SWDA, respectively). In addition, the unemployment rate (12.6% SW…

In February, 176 thousand jobs were created (3.4% YoY), marking the second-highest job creation since 1998. Although this is a significant growth, it aligns with the expected slowdown.

The labour market reform changes the sectoral distribution of contracts by duration: those sectors with a greater weight in shorter duration contracts, such as Accommodation and food service activities and Agriculture, forestry and fishing, lose importance and the rest of the activities gain it.

Seven months after its entry into force, the labor reform has many bright spots, but also some shadows. Continuous evaluation could prevent the reduction in temporary employment from being overshadowed by the increase in turnover and the partia…

Permanent contracts increased by 209% in the first half of 2022 compared to pre-pandemic records, while temporary contracts fell by 37%, bringing the temporary employment ratio to its lowest level since 1985. However, it is still too early to a…