Private registered salaried employment grew 0.4% per month in May, according to the Argentine Integrated Social Security System (SIPA), the same percentage that is replicated in June, according to the Labor Indicators Survey (EIL), the Ministry of Labor reported to through the monthly Panorama of Registered Work.
The growth in salaried employment accumulates a sustained rise for 17 consecutive months and allowed 300,000 people who were unemployed, informal or inactive to join the formal labor market, according to the report.
Monthly Panorama of Registered Work highlighted a growth of 0.4% per month in the months of May and June, but it already has sustained growth for 17 consecutive months and allowed 300,000 workers to access employment
Meanwhile, according to this report, the purchasing power of the average salary of registered work in a dependency relationship in the private sector grows in every month of 2022 and, in May, the last month with available information, the highest year-on-year growth of the year was verified in a 3.6%.
In turn, it stands out that the interannual variation of the average salary of work registered in private companies grew above inflation: Between May 2021 and May 2022, the growth of the average salary reaches 66.4%, while the rise in the Consumer Price Index (CPI) reaches 60.7%.
In June 2022, according to the Labor Indicators Survey (EIL), the level of private employment registered in companies with more than 10 employed persons of the total surveyed agglomerates had an increase of 0.4% in relation to the previous month and 2.6% in year-on-year terms.
All sectors of activity presented a positive balance, but the labor portfolio highlighted the recovery of employment in the transport and financial services sector by 0.4%. Also the headings of construction, commerce and the manufacturing industry support the recovery of employment of the past months. In construction, monthly growth was 1.0%, in commerce, 0.5%, and in industry, values similar to those of the previous month, 0.3%, were observed, he added.
According to the Ministry of Labour, the growth in employment this month is basically explained by a retraction in personnel dismissals.
In the regional comparison, it is observed that 19 of the 24 jurisdictions showed positive variations: Among those that grew the most were Tierra del Fuego (2%), Chaco (1.5%), Catamarca (1.4%), Formosa (1, 2%) and Jump (1%).
“The process of creating formal private employment observed in recent months made it possible to recover all of the registered work lost during the pandemic and a large part of the formal work laid off throughout 2019,” the report highlighted.
In May 2022, the number of workers with registered salaried employment in the private sector was 2.3% higher than the level observed in February 2020, prior to the outbreak of the Covid-19 pandemic in the country.