Buenos Aires (EFE) - Unemployment in Argentina decreased to 6.4% in the fourth quarter of 2024, according to official sources reported on March 20, 2025. This marks a decline of 0.5 percentage points from the previous quarter. However, the unemployment rate is still 0.7 percentage points higher than the 5.7% recorded in the same period of 2023, which was the lowest rate since 2016.
The report from the Instituto Nacional de Estadística y Censos (Indec) highlighted a challenging landscape. Despite a significant economic reactivation of 4.4% in the last quarter of 2024 compared to the previous quarter, the Argentine economy overall experienced a decline of 1.7% throughout 2024. This situation is reflective of the severe adjustments made by the government of Javier Milei, which have affected the labor market adversely compared to the end of 2023.
Between October and December 2024, approximately 937,000 individuals seeking employment were deemed unemployed. This statistic reflects the measurement's focus on the 31 largest urban conglomerates in Argentina, which house about 29.7 million residents out of a total national population of roughly 47 million.
Employment trends showed that the rate of employed individuals seeking additional jobs stood at 16.6%, marking a decrease of one percentage point from the previous quarter but an increase of 1.1 percentage points compared to the fourth quarter of 2023. The total number of employed individuals looking for alternative employment options reached 2.4 million during this same period.
Historically, Argentina’s unemployment crisis peaked at 24.1% in the second quarter of 2002 amid one of the country’s most severe economic crises. Since then, unemployment has been a significant concern, with various administrations attempting to implement systemic changes aimed at providing a more stable economic environment.
Looking at the current data, while the fall in unemployment may suggest some progress, it is crucial to consider the broader economic factors at play. The government's stringent adjustment measures may be playing a role in these statistics, as employment opportunities remain scarce for many.
As analysts ponder the implications of these statistics, they highlight that ongoing economic recovery will depend largely on consistent policies that aim to stabilize employment and restore economic confidence among citizens. With the current trajectory, the outlook remains cautiously optimistic, albeit tempered by the challenges that lie ahead for Argentina’s labor market.
Citizens and economists alike are left wondering if these trends will continue, providing a glimmer of hope for those still struggling in a challenging economic environment. Understanding the complexity of Argentina's labor dynamics will be paramount as the country moves forward in the quest for economic recovery.
