Unemployment up, according to ILO
18 December 2016
Statistics produced last week by the International Labour Office suggest that unemployment in Peru has increased in 2015 to 4.4% of the labour force, reflecting the slowdown in the rate of growth.
However, the rate is far higher for young workers; for those aged between 15 and 24, it is 11%. The unemployment rate is likely to have risen further in 2016. Open unemployment figures, however, say little about the real labour situation in Peru since most workers simply cannot afford to be ‘unemployed’. The rate for ‘under-employment’ (in other words those labouring in the informal sector of the economy), is around 70%, one of the highest rates anywhere in Latin America.