Pablo Mieres, Uruguay’s Minister of Labor and Social Security, recently spoke about the country’s labor market.
He said employment is rising while unemployment stays steady. “We are around 8 percent unemployment, but more people are actively working now,” Mieres noted.
Last Thursday, the National Institute of Statistics (INE) released new data. It showed the activity rate in September increased to 63.8 percent.
This was a 0.3 percentage point rise from the previous month. Additionally, the employment rate also rose to 58.5 percent.
Meanwhile, the unemployment rate saw a minor increase, going up to 8.3 percent.
Mieres spoke to reporters about the figures. “More people are working and entering the job market,” he said.
He believes this indicates a strong and dynamic labor market. However, he also expressed concern about specific areas of the country.
Unemployment rates are notably higher in coastal regions near Argentina. “We see an average unemployment rate of 12 percent there,” Mieres pointed out.
He mentioned the favorable currency exchange might encourage shopping in Argentina, affecting local jobs.
A survey by consultancy firm Cifra in March adds context to these statistics. It revealed that unemployment is the second biggest worry for Uruguayans.
This underscores the importance of job stability and growth for the country’s residents.
In summary, Uruguay is experiencing a phase of job growth with stable unemployment rates.
Yet, some regions face challenges that need further investigation. Mieres’ comments and INE’s data spotlight the nuanced landscape of Uruguay’s employment scenario.
Background
Uruguay has a diverse economy that includes sectors like agriculture, tourism, and technology.
Historically, the country has focused on beef exports and farming. However, in recent years, it has diversified into various fields like software development and renewable energy.
The labor market has been adapting to these changes. Skilled workers are increasingly in demand in growing sectors.
Consequently, vocational and higher education programs have been gaining traction, focusing on fields like engineering and information technology.