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Unemployment rises in Ecuador, according to INEC
Posted On 18 Oct 2016
The unemployment rate in Ecuador grew from 4.3% to 5.2% between September 2015 and September 2016.
This was announced minutes ago by the National Institute of Statistics and Census (INEC) in its quarterly publication for employment and unemployment in Ecuador. According to the INEC, the unemployment rate has suffered a statistically significant change.
The figure also means that there were 93,677 newly unemployed people in this period.
Broken down by areas, the urban unemployment rate stood at 6.7% and in the countryside by 2.3% in September 2016.
The INEC also indicated that so far in 2016 (January-September), the unemployment rate remains statistically stable.
Permanent employment also had a deterioration; it went from 46% to 39.2% between September 2015 to September 2016; while underemployment rose from 14.8% to 19.4% over the same period. Underemployment describes people who earn incomes below the base salary or worked fewer hours a day but have the desire and willingness to work more.
According to the INEC, the overall labor force participation rate stood at 69.2%; reflecting a greater labor supply or more people entering the labor market.
