Unemployment rate in Argentina dropped to 6.3 percent by the end of 2022

The unemployment rate in Argentina dropped to 6.3 percent at the end of 2022, representing 0.7 points less than the unemployment registered during the previous year, the National Institute of Statistics and Census (INDEC) reported yeterday, Wednesday.

According to the state entity, unemployment in the South American country covered approximately 900,000 people that make up the economically active population, registering in the fourth quarter its lowest level of the year.

The unemployment data in Argentina results from an analysis carried out by INDEC in 31 urban agglomerates of the country within the framework of the Permanent Household Survey (EPH, for its acronym in Spanish).

Thus, it was determined that the employment rate stood at 44.6 percent, reaching 13.1 million people, of which 9.6 million correspond to individuals with a salary and another 3.5 million who earn an independent income.

The country also registered an underemployment rate (people working less than 35 hours a week willing to work more) of 10.9 percent “while the other employed demanders and the other available non-demanding employed reached, together, 11 percent of the economically active population” the INDEC pointed out.

“Consequently, the pressure on the labor market made up of the universe of unemployed, underemployed, employed claimants and unemployed available non-claimants reached 28.2 percent,” the official institution added.

The fall in the unemployment rate in Argentina during the past year coincided with the growth of the Gross Domestic Product (GDP), which experienced a growth of 5.2 percent in 2022.

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