Monday, December 14, 2015

Unemployment in Latin America

The International Labour Organization has a new report out on unemployment in Latin America. The news isn't pretty.

In 2015, the unemployment rate in Latin America and the Caribbean increased for the first time in five years to 6.7 per cent, causing at least 1.7 million people to join the ranks of the unemployed, according to the ILO's annual report released today, in which the impact of the slowdown on economic growth in the labour market is recorded. 
The 2015 Labour Overview of Latin America and the Caribbean warned of a "turnaround" in the employment indicators, with a deterioration in the employment situation of women and youth, and indications of rising informality through "increased generation of lower quality jobs."
Here are the numbers by country.

Note that, like with so many things, ideology doesn't matter. Countries with center-right or left governments alike have better (Ecuador and Mexico) or worse (Colombia and Brazil).

It's interesting that for all the legitimate concerns about economic slowdown, current unemployment numbers are still better now in most countries than they were in 2005.


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