The variation in the national unemployment rate (-0.2%) was due to the difference between the growth in the labour force (3.5%) and employed persons (3.7%).

The national unemployment rate was 8.5% for the February–April 2024 quarter (FMA 2024), according to information from the National Employment Survey (ENE), which is produced by the National Statistics Institute (INE).

The national unemployment rate decreased 0.2 percentage points (pp) year on year, which was a result of the smaller increase in the labour force (3.5%) than in employed persons (3.7%). The increase in the number of unemployed persons (1.9%) was influenced by the rises in first-time job seekers (17.3%) and the redundant (0.5%).

Compared to the same period in the previous year, the participation rate increased 1.6 pp to 62.5% and the employment rate increased 1.5 pp to 57.1%. The decrease in the population outside the labour force (-3.1%) can exclusively be attributed to the fall in the routinely inactive (-4.9%).

The unemployment rate for women (9.5%) showed no twelve-month variation as a result of the nearly equal growth in the labour force (4.4%) and employed women (4.5%). The number of unemployed women increased 4.0%. For women, the participation rate rose 1.8 pp to 52.8% and the employment rate rose 1.6 pp to 47.8%. In the same period, the number of women outside the labour force fell 2.7%.

The unemployment rate for men was 7.8%, a twelve-month decrease of 0.2 pp, which was due to the smaller increase in the labour force (2.9%) than in employed men (3.1%). The number of unemployed men grew 0.1%. For men, the participation rate rose 1.4 pp to 72.5% and the employment rate rose 1.5 pp to 66.9%. The number of men outside the labour force decreased 3.8%.

Increase in employed persons     

The number of employed persons increased 3.7% year on year, which can be attributed to the rises in the number of employed women (4.5%) and men (3.1%).

By economic sector, the expansion in the employed population was influenced by the rises in commerce (5.2%), public administration (13.1%), and transportation (6.9%). By occupational category, the expansion was influenced by the rises in formal wage earners (3.8%) and informal wage earners (5.5%).

Labour informality

The informal employment rate rose 0.8 pp year on year to stand at 28.2%. The increase in the number of informally employed persons (6.9%) can be attributed to the rises in women (9.1%) and men (5.2%). By economic sector, the increase can mainly be attributed to the rises in commerce (17.2%) and public administration (27.4%).

Seasonality

The seasonally adjusted unemployment rate (which eliminates the effects of exogenous seasonal factors of a non-economic nature that influence its current behavior) was 8.4%, showing no variation compared to the previous moving quarter.

Working hours and indicators of labour underutilization

The volume of work, as measured by the quantity of hours per week actually worked by employed persons, increased 3.8% year on year. In contrast, the average number of hours worked fell 0.1% to 37.2 hours. Men worked an average of 39.7 hours while women worked an average of 33.8 hours.

The combined rate of unemployment and the potential labour force increased 0.2 pp year on year to stand at 16.4%. This indicator stood at 13.6% for men and 19.8% for women. The gender gap was 6.2 pp.

Metropolitan Region 

In the Metropolitan Region, the unemployment rate for the February–April 2024 quarter decreased 0.4 pp year on year to stand at 9.2%. In the same period, the estimated increase in the total number of employed persons was 3.2%. By economic sector, the increase was influenced by the rises in commerce (6.0%), public administration (15.5%), and professional activities (13.3%).

ENE National Bulletin no. 307: February–April 2024

ENE Bulletin for Metropolitan Region no. 95: February–April 2024 quarter (in Spanish)

ENE Statistical Note, no. 25: February–April 2024 quarter (in Spanish)

National Employment Survey (ENE) Presentation of Results - 30 May 2024 (in Spanish)