Year-on-year growth of employed persons was 128,627 in the January-March 2023 quarter

The National Continuous Labor Force Survey (ENCFT) corresponding to the first quarter of 2023 showed that the total number of employed persons (including formal and informal workers) reached 4,768,740 workers.

This result is equivalent to 128,627 net new employed persons when compared to January-March 2022, for a year-on-year growth of 2.8%.

The information was offered by the Central Bank, in its capacity as responsible for the survey of the Continuous National Workforce Survey (ENCFT),

Similarly, the employment rate (TO), that is, the relationship between the total employed and the population of working age (PET), stood at 60.4%, 1.0 percentage point higher than that registered in January-March of year 2022. Likewise, a favorable behavior is observed in the degree of insertion of people over 15 years of age in the labor market, measured by the global participation rate (TGP), which was located at 63.7% for the first quarter of 2023, 0.3 percentage points, higher than that obtained in the same period of 2022.

new posts

The generation of new jobs (128,627) was concentrated in 92% in the formal occupation, that is, those who have access to social security benefits through their occupation, when an increase of 118,718 people was verified in said category; while, in the reference period, total informality meant some 9,910 more employed persons in year-on-year terms. With these results, the percentage of informality with respect to the total employed was 1.4 pp below that reached in January-March 2022, going from 58.1% to 56.7% in the same quarter of 2023.

Labour

Regarding the underutilization of labor, it can be seen that the official unemployment rate, that is, the first indicator of underutilization (SU1) known as the open unemployment rate or the percentage of unemployed who are actively looking for work, fell by 1.2 percentage points from 6.4% reported in January-March 2022 to 5.2% in the same quarter of 2023.

In the case of the SU2 underutilization rate, which includes, in addition to the openly unemployed, those who, although they are employed, would like to work more hours (underemployed), it stood at 7.7% for January-March 2023, registering 1.2 pp less compared to the same quarter of the previous year.

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Regarding the rate of underutilization of the labor force SU3, very similar to that previously known as the extended unemployment rate, which takes into account both the openly unemployed (actively looking for work) and the discouraged unemployed (which are included in the so-called potential labor force), that is, those who did not carry out job search activities but were available, presented a decrease of 0.9 pp, going from 12.6% in January-March 2022 to 11.7% in the same period of 2023.

The SU4 underutilization rate, which adds all the conditions mentioned above and is estimated as the quotient of the openly unemployed, the underemployed due to insufficient hours, and the potential labor force divided by the expanded labor force that includes the potential labor force , was placed at 14.0% in the January-March 2023 quarter for a year-on-year reduction of 0.9 percentage points.

decreasing trend

Additionally, when evaluating the labor market from an annual perspective, that is, considering the average of the last four quarters, an occupancy rate of 60.0% and a global participation rate (TGP) of 63.1% were evidenced. Regarding the underutilization indicators, they continue to show a downward trend, observing that the open unemployment rate (SU1) averaged 5.0% during the referred period, the SU2 underutilization rate stood at 7.3%, the SU3 rate at 11.4 % and the SU4 in 13.6 %.

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