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Unemployment and informality increase in Ecuador

Quito, Jun 24 (Prensa Latina) Unemployment in Ecuador stands at 3.5 percent on Monday, 0.3 percentage points higher than in the same month of 2023, according to the National Institute of Statistics and Census (INEC).

Although it does not seem a statistically significant change, the official data released on Monday show other problems in the labor market in this country, such as the increase in the number of informal workers. In total, 54.4% of Ecuadorans are in this modality, without labor guarantees, a number somewhat higher than the 53.3% of last May.

Underemployment, a category that includes those who work less than 40 hours per week and earn less than a basic salary, rose 4.2 percentage points compared to the same month of 2023 and stood at 23.1%.

In contrast, adequate employment fell in one year from 36.4% to 33.4%.

Although the figures do not reflect an improvement in the labor market, the Minister of Labor, Ivonne Nuñez, and the President of Ecuador himself, Daniel Noboa, assure that there are over 100,000 new contracts for young people thanks to the Law of Economic Efficiency and Employment Generation, approved last December.