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The unemployment rate is growing in Argentina, with Javier Milei.

Unemployment is growing in Argentina under the Javier Milei government.

The unemployment rate in  Argentina , with Javier Milei as president, reached 7.7% in the first quarter of 2024, with approximately 1.1 million people out of work, reported this Monday (24/06) the National Statistics Institute and Censuses (Indec). “The global number is explained by the devastation of 310 thousand jobs, while 214 thousand respond to the increase in the supply of labor who were unable to find work”, according to the middle of the finger Infobae.

In the first three months of the year, unemployment increased by 2 percentage points (pp) compared to the end of 2023, when the unemployment rate stood at 5.7%, and also increased by 0.8pp compared to the first quarter of last year .

According to the press site , this would be the most prominent level of unemployment since mid-2021, when the economy had not yet fully recovered from the restrictions on activity that emerged as a result of the new coronavirus pandemic.

Among the jobs lost would be 81,600 registered jobs and 228,400 in the informal sector, highlights the local media , adding a strict relationship between the data and the drop in economic activity resulting from the fiscal adjustment measures implemented by the Milei government.

Argentina’s economy fell in the first quarter

The Argentine economy fell 5.1% in the first quarter, in Indec’s review, a contraction explained mainly by a sharp decline in investments and imports, followed by private and public consumption.

President Milei’s government implemented powerful fiscal adjustment policies , including the devaluation of the peso last December , the liberalization of prices, the elimination of subsidies for force and transport and cuts in universal public spending .

The Indec data result from research carried out by the state entity in 31 urban agglomerations in the country based on a universe of 29.6 million people represented by the Permanent Household Questionnaire (EPH).

Source: Monitor Mercantil, with  Xinhua Agency

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