In 2024, the number of employed people will increase again by around 40 thousand people on average annually.

The labor market in Uruguay remained stable in July, the National Institute of Statistics (INE) reported on Wednesday. Analysts estimate that the year will end with the creation of approximately 40 thousand jobs.

The employment rate stood at 58.8%, almost the same as the previous month when it closed at 58.6%. This percentage is equivalent to 1.7 million people employed.

Economist Aldo Lema wrote in his X account that the seasonally adjusted employment rate in July reached its highest level since mid-2015 (59.5%).

He added that in 2024 the number of employed people would increase again by around 40 thousand people on average annually.

The official report indicated that non-registration with social security ended July at 21.4%.

CPA Ferrere economist Nicolás Cichevski stated on the same social network that, unlike what was verified last year, in the first seven months of 2024 the increase in employment was explained by the growth of labor formality.

He added that the informality rate fell by 1.1 percentage points and reversed part of last year's increase.

Unemployment ended at 8.3%, also with minimal changes compared to June (8.1%). The INE reported that the number of unemployed in the month was 152,700.

The labour force participation rate was 64.2%, down from 63.8% in June. In this case, the number of active workers was 1.8 million.