Private sector hiring down 14.3 % in first nine months

 
631Views 1Comments Posted 23/10/2019

Hiring and replacements in the private sector fell 14.3%  in the first nine months of 2019 compared to the same period last year, according to figures from the Ministry of Labor and Labor Development (Mitradel).

During the period, about 170,875 contract signatures were filed at the Mitradel headquarters, 28,731 fewer labor agreements, compared to the same period last year when 199 606 hirings were reported.

The contracts reflect not only the creation of jobs, they also cover staff turnover between one company and another.

Some labor market surveys projected that with the change of administration under  Laurentino Cortizo hiring in private sector companies would improve during the last months of 2019, but this has not been the case reports La Prensa.

The moderation in the growth of hiring would be reflecting the uncertainty of employers regarding the future negotiation of the new minimum with a December deadline, the culmination of large projects, and the new way of doing business, with the digitalization of processes and structural changes in sectors that participate in internal trade.

The latest report of the Comptroller indicates that the private sector employs 47.63% of the employed population. Meanwhile, 29.23% of the workforce in the country choose to work independently.

Temporary contracts continue to lead the local labor market. Of the 170,875 work agreements closed until September, 75% are for a fixed time, while the remaining 25% are jobs for an indefinite period.

Construction and commerce remain the two economic activities that add the most workers to their payrolls.

 



Comments 1

user
panama

dont blame the new President the world economy is slowing bigtime..the Fed is dumping 120 billion a night in the repo market so that means the banks will not lend to each other overnight and those loans are backed by T Bills

11 months ago
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