Real Salaries Down, Unemployment Up According to INDEC - News Summed Up

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Real Salaries Down, Unemployment Up According to INDEC

Latest figures released by statistics office INDEC show significant job losses and a declining average real salary for workers. More than 118,000 jobs in the formal have been lost since President Mauricio Macri took office representing the Cambiemos coalition, with the official unemployment rate ticking up to 9.3%. Wages were up by just over 35% compared to the same period of the previous year, but annual inflation was 43.5%, leading to decreased purchasing power for workers and a decline in real salaries of nearly 10%. Macri has vowed to reform INDEC, the national institute for statistics and the census, which had come under fire for providing unreliable data during Cristina Fernández de Kirchner’s government. Unions Debate StrikeThe latest labour market data was released as the country’s leading umbrella unions debate whether to take action against the government.

Source: The Argentina Independent October 18, 2016 13:30 UTC