Uruguay’S Unemployment Dips To 7.2% In November

(MENAFN- The Rio Times) Uruguay's job market displayed remarkable strength in November 2024. The unemployment rate dipped to 7.2%, a slight improvement from October's 7.3%. This change reflects a robust economy and growing opportunitie for workers.

The employment rate climbed to 59.8%, up from 59.6% in October. This increase means more people found jobs, boosting the nation's economic activity. The labor force participation rate also rose to 64.5% from 64.3%.

Compared to November 2023, unemployment fell by more than one percentage point. This year-over-year drop highlights the steady progress in Uruguay's job market. It shows a trend of more people finding work and fewer staying jobless.



However, challenges remain. Of those employed, 9% were underemployed, seeking more work hours. Additionally, 21.7% of workers in their main jobs were not registered for social security. These figures point to areas needing attention.

Regional differences persist in Uruguay's job market. Montevideo, the capital, had a lower unemployment rate of 6.3% compared to 7.8% in other areas. This gap suggests uneven economic development across the country.
Uruguay's Unemployment Dips to 7.2% in November
November's unemployment rate was the lowest since December 2021. This continued downward trend indicates a strengthening job market. It reflects growing confidence in Uruguay's economy.

These figures paint a picture of a resilient Uruguayan economy. The job market is improving, offering more opportunities to its citizens. Yet, there's room for growth in addressing underemployment and informal work.

Uruguay's economic policies seem to be yielding positive results in the job market. The country's approach to balancing growth with worker protection appears effective. This balance is crucial for sustainable economic development.

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