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  • National Institute of Statistics: July Unemployment at 7.6%

    Published: 08/29/2013

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    According to the latest report on the labor force by Venezuela’s National Institute of Statistics (INE), the unemployment rate for July stood at 7.6%, lower than in the previous two years.

    The country’s unemployment rate in July of 2012 was 7.9%, and in July of 2011, it was 8%.

    In a press release, INE President Elías Eljuri highlighted the importance of job creation.

    “It is a fact that the Venezuelan economy was not only capable of absorbing all of the newly economically active population between 1999 and 2013, but that it also absorbed part of the previously unemployed population to reach a total of 4,170,000 people incorporated into the workforce during this period,” he wrote.

    The study finds that formal sector employment in businesses with more than five employees reached 7,663,586 in July, 59.5% of all those employed, and an increase of 410,001 people over the previous year.

    Formal sector employment has grown from 49.3% in July 1999 to 59.3% in July of this year.

    Informal sector jobs account for 40.5% of the total, or 5,225,000 jobs. These jobs include positions in companies with less than five workers, domestic employees, independent contractors and workers such as ambulant vendors, artisans, taxi drivers, painters and carpenters.

    Presently, 92.4% of the working age population in Venezuela is employed, a total of 12,890,760 people.

    AVN/ Press – Venezuelan Embassy to the US/ August 29, 2013

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