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Argentina’s Formal Workforce Shrinks by 196,000 as Real Wages Fall to 2001 Low

Zero-deficit reforms delivered reduced inflation at the cost of prolonged job stagnation, a sharp collapse in purchasing power.

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En los últimos meses aumentaron las filas de búsqueda de empleo.
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Overview

  • Since President Javier Milei took office in November 2023, formal employment has declined by roughly 196,000 positions, according to a UBA IIEP report.
  • Between March 2024 and March 2025, the formal sector shed 71,000 jobs, including a further 9,000-position drop in March 2025.
  • The real minimum wage plunged 32% by May 2025, marking its weakest level since 2001 and a 62% fall from its September 2011 peak.
  • The pool of formal salaried workers has remained stalled at about 10.1 million since mid-2024, underscoring the absence of a sustained recovery.
  • Milei’s zero-deficit agenda and IMF-backed stabilization measures have tamed inflation and lifted currency controls but failed to restore job growth or protect real incomes.