Unemployment increased in Ecuador in one year

The number of unemployed in Ecuador has risen from 282.967 to 448.990 between March 2015 and March 2016. It’s a 166.023 increase in a year. This fact translates into a rate of 5.7%; greater than 2015 which was 3.8%. By December 2015, unemployment was 4.77%, according to figures from the labour market publised yesterday by the National Institute of statistics and censuses (INEC).

By the end of the year, Ecuador recoded a series of layoffs in several companies in construction and the oil bussines. However, according to INEC, the biggest factor that has influenced this outcome is the increased demand of labour because of labor participation rate growth. (I)