XXVI Seminario Regional de Política Fiscal 20-22 enero 2014, CEPAL, Santiago, Chile [+info]
INFORMACION DE CONTACTO
División de Desarrollo Económico de la CEPAL Av. Dag Hammarskjöld 3477 Vitacura, Santiago, Chile Fono: (56 2) 2210 2560 - 2210 2000 E-mail: desarrollo.economicocepal.org
The Employment Situation in Latin America and the Caribbean: Youth Employment: Crisis and Recovery
For the labour markets of Latin America and the Caribbean, the first half of 2012 was marked by slow economic growth worldwide and an outlook clouded by uncertainty in the euro zone and the slowdown projected for the United States and China. Economic activity in the region was impacted primarily through the trade channel as demand for export products slid and the terms of trade worsened, if only slightly. The flow of remittances from migrant workers in European countries —especially Spain— was down as well.
Against this backdrop, the region’s economic growth continued to slow and is expected to stand at 3.2% for the year after reaching 6.0% in 2010 and 4.3% in 2011.1 An even sharper slowdown was prevented chiefly by domestic consumption, particularly household consumption on the strength of a labour market boosted by higher employment rates and wages.
The employment rate for the first half of 2012, at 56.0%, was 0.5 percentage points higher than for the same period in 2011. This increase, on top of fairly widespread rises in real labour income, drove household purchasing power up sharply. In many countries, job quality continued to improve thanks to brisk wage employment creation, significant increases in formal employment and a lower underemployment rate.