The Unemployment Rate measures the percentage of people who are actively seeking employment but are unable to find a job within the economically active population. It is a key indicator of labor market conditions and the economy’s capacity to generate jobs.

The series shows a sharp decline from exceptionally high levels in the early 2000s, associated with the economic recovery and a rapid rebound in both formal and informal employment.

Between the mid-2000s and the mid-2010s, unemployment stabilized within a relatively low range (6–8%), reflecting an expanding labor market but with persistent structural informality.

From 2016 onward, unemployment began to rise, linked to economic slowdown, job losses in industry, and a deterioration in real wages. The pre-exchange-rate crisis further deepened this deterioration.

In 2020, the pandemic caused a sharp spike in unemployment, followed by a rapid recovery driven by the resumption of economic activity and a partial rebound in services employment.

In recent years, unemployment has increased moderately again, consistent with a context of weaker activity, fiscal adjustment, and declining labor demand. Future developments will depend on macroeconomic stability and policies that support the creation of formal employment.

Series Statistics