Employment and wages
- Author: Economic Commission for Latin America and the Caribbean
- Main Title: Economic Survey of Latin America and the Caribbean 1998-1999 , pp 83-94
- Publication Date: December 1999
- DOI: https://doi.org/10.18356/5fabc4d4-en
- Language: English
The slowdown in economic growth was reflected throughout the region in a deteriorating situation in the labour market which thus stalled the improvement observed the previous year. In specific terms, the unemployment rate climbed from 7.3% to 8.0% —its highest level in 15 years— as a result of the rapid expansion of the labour supply (an increase in the overall participation rate) and a fairly sluggish rate of job creation (a decrease in the employment rate). This regional figure is, however, largely attributable to the unfavourable situation in Brazil, since in a number of other countries the main indicators did not start to decline until late in the year; in a third group —mainly Mexico and the Central American and Caribbean countries— employment strengthened in comparison with the previous year. Against this background, average real wages showed a slight improvement and, contrary to the tendency in the preceding years, the growth rate for real minimum wages surpassed this increase by a small margin.
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