Unemployment rate falling in Argentina

this is good news... and, for those recently removed from the unemployment rolls, it's VERY good news, up close and personal...

With last Tuesday’s announcement that the jobless have fallen to 10.1 percent of the workforce, Kirchner is on the verge of keeping his promise to restore unemployment to single digits . . .

[...]

The good news does not stop there. The ranks of the formally employed have risen by 10 percent over the past year, expanding for 40 consecutive months and thus topping 37 consecutive months of economic growth. In almost three years of the Kirchner presidency, some 60,000 new companies and 2.5 million jobs have been created to bring the total workforce up to 14.3 million.

but not all is rosy...

[D]espite the decline in the jobless rate and an ageing population, youth unemployment is paradoxically higher than ever — this can only be explained by cultural rather than economic factors, in terms of deficient skills and a lack of work ethic. Nor are salaries becoming any more equal. After three years of rampant recovery, workers in the underground economy are an estimated 45 percent further behind their formally employed colleagues than in pre-crisis 2001.

still, all in all, enormous strides have been made given the depth of the 2001 meltdown that saw over 50% of the population unemployed and more than that fall below the poverty line...

now, if they can just figure out how to tackle inflation...

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