Argentina Formal Employment Drops as Registered Employers Decline
Formal employment in Argentina dropped by more than 30,000 jobs in August according to data published by the Superintendencia de Riesgos del Trabajo, even as government officials claimed economic policies serve the population.
The example most clearly given by presidential spokesperson Adrián Ravier, during a press conference at Casa Rosada immediately after the Pope left Argentina, was when he said “todo lo que ha hecho el Gobierno de Javier Milei desde diciembre de 2023 es poner la economía al servicio de las personas”.
The latest figures show 9,389,184 registered workers in August, down from 9,419,562 in July, Pagina 12 reported. When compared with November 2023, the last month before President Javier Milei took office, the total drop reaches 467,989 workers, representing a 4.7 percent contraction.
Registered enterprises declined by 32,429 employers
Registered enterprises fell from 512,357 in November 2023 to 479,928 by August, marking a loss of 32,429 employers or a 6.3 percent decrease. This averages out to roughly 32 employer businesses shutting down daily over nearly three years.
In San Luis, the Black & Decker plant closed and left 61 workers without jobs while shifting operations to imports, while Papelera del Sur shut down in Tornquist after more than sixty years of activity, displacing 160 employees.
Fundición San Cayetano entered a preventive concurso with liabilities exceeding 34 billion pesos, noting in court filings that it pays annual bank interest rates between 80 percent and 90 percent while competing against imported parts priced at half its production cost.
Essential household expenditures outpaced general wage growth
Official inflation for October registered at 2.2 percent following a brief September rebound where wages briefly outpaced price increases. Since Milei took office, overall inflation averaged 354 percent while registered wages grew by 320 percent.
Essential household expenditures outpaced general wage growth across Buenos Aires province. Public services increased by 940 percent, public transport rose 747 percent, rents climbed 688 percent, fuel costs advanced 511 percent, and prepaid healthcare went up 500 percent.