Overview
- The IIEP (UBA‑CONICET) reported that private registered payrolls fell for a 14th straight month through July 2026, with about 266,000 private formal jobs lost since November 2023.
- Measured economic activity was roughly 2.2% above November 2023 levels while private formal employment declined more than 4% over the same span, showing a clear decoupling of output and jobs.
- The national minimum wage lost 40.8% of its purchasing power since November 2023 and reached its lowest real level since June 2003, which has weakened household spending.
- Industry remained a major source of job destruction with nearly 95,000 industrial jobs lost since September 2023 and the UIA’s preliminary September figures showing a 0.2% monthly fall and a 2.8% drop year‑to‑date in 2026.
- Job losses were uneven across the country with the Province of Buenos Aires accounting for roughly two thirds of July’s decline while Neuquén and Río Negro outperformed thanks to energy activity, and private sector strain has led to widespread plant closures that could deepen unemployment and cut local demand.