In November 2024, it was observed that salary variation exceeded price variation. The average gross nominal compensation reached $1,423,257, showing an increase of 172.8% compared to the same period of the previous year, while inflation was at 166%. These official data correspond to the period between December 2023 and November 2024.
During the first twelve months of Javier Milei's administration, almost 185,000 formal jobs were lost. Registered private salaried employment decreased by 119,000 people, going from 6,385,000 to 6,266,000 workers. On the other hand, public employment was reduced by 51,000 people, and domestic workers by 15,000. On a positive note, self-employed workers increased by 25,000 people in the same period.
It is noteworthy that in November, there was the creation of 2,400 jobs in the private sector, representing a seasonally adjusted monthly variation rate of 0.0%. Despite certain signs of economic recovery, this improvement does not result in a significant increase in labor demand. Likewise, the report indicates that formal employment has shown relatively limited growth in recent months.
Regarding the Labor Indicators Survey, it states that in December, private employment fell by 0.2% compared to the previous month, attributed by authorities to "seasonal factors." It is highlighted that only the manufacturing industry recorded slight growth of 0.1%, while other sectors such as Commerce, Transportation, Financial services, and Social services showed negative values.
It is important to highlight that from December 2023 to October 2024, the average registered salary has experienced year-on-year variations lower than inflation, reflecting a persistent challenge regarding labor income in the current economic context.
