Unemployment in Latin America decreases

Unemployment in Latin America decreases

This year, the urban unemployment in Latin America and the Caribbean recorded a new low of 6.3% despite the persistent lack of economic dynamics in the labour market, according to an OIT report released yesterday in Lima, Peru.

The reduction of unemployment compared to 6.4% in 2012 “was not due to the generation of new jobs, but to a low participation in the workforce,” so said the OIT Regional Director for Latin America and the Caribbean, Elizabeth Tinoco.

Tinoco stressed that the progress made in labour markets over the past ten years, “appears to have stalled.” But she warned that if the region seeks to keep the rate of unemployment in less than 7%, it should at least create 43.5 million new jobs until 2023.