Employment and wages
- Author: Economic Commission for Latin America and the Caribbean
- Main Title: Economic Survey of Latin America and the Caribbean 1999-2000 , pp 83-95
- Publication Date: December 2000
- DOI: https://doi.org/10.18356/75e885c1-en
- Language: English
Sluggish economic activity at the regional level led to a serious deterioration in labour-market conditions. The employment rate, in particular, dropped sharply, and an especially steep decrease was seen in some of the countries in which GDP actually declined. The total participation rate also fell slightly, which prevented the sluggish pace of job creation from generating an even larger rise in unemployment. Even so, unemployment still climbed from 8.1% to 8.7%. This was higher than the rates recorded during the debt crisis of the early 1980s and, in fact, set a new record for the entire period in which representative measurements have been available for the region. In some countries the difficult situation in the labour market also hurt real wages, which fell by 1.8% as a weighted average.
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