Peru reported a decline in its unemployment rate to 5.9% for the first quarter of 2023, a slight drop from the 6.2% recorded in the same period the previous year, according to the National Institute of Statistics and Informatics (INEI).
On the same day, the government acknowledged an informal employment rate of 76.8% among the economically active population.
The INEI’s detailed report highlighted a gender disparity, with the female unemployment rate at 7.1%, significantly higher than the male rate of 4.8%.
Urban employment grew by 0.7%, adding 93,100 individuals, while rural employment witnessed a 4.1% decrease, shedding 147,700 individuals.
Breaking it down by demographics, there was a 5.2% decrease in employed individuals under 25.
Those between 25 and 44 saw a slight decline of 0.3%, whereas individuals over 45 experienced a 2.1% increase in employment.
The study also touched on earnings. The average monthly income nationwide from April 2022 to March 2023 was 1566.9 soles (approximately $423 or €387).
Urban areas reported a higher average of 1,711.4 soles, while the rural counterpart earned 856.8 soles.
Regarding sectors in the first quarter of 2023, construction saw an 8.1% decline in employment, commerce by 4.4%, and the primary sector (agriculture, fishing, and mining) by 3.6%.
Conversely, the services sector grew by 4.8% and manufacturing by 1.6%.
Overall, 59.6% of employed individuals worked in the services and commerce sector, 25.4% in agriculture, fishing, and mining, 8.3% in manufacturing, and 6.7% in construction.
Lastly, Labor Minister Fernando Varela addressed the high informal employment rate, announcing plans for a comprehensive, three-phase strategy to reduce job informality in the country.