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Data Analytics - Labor Monitor May2024
Inicio  /  Data Analytics - Labor Monitor May2024

Data Analytics - Labor Monitor May2024


Monthly result


In May, labor demand grew by 14.7%, registering its highest value since 2022 and interrupting the stability of the last year.


This is the first record exceeding the ±5% range of stability with respect to last year's average, approaching 6,000 job opportunities.


After 5 of the first 6 months of the year, it can be anticipated that in June demand will complete a period of one and a half years of stability - around 33,000 job opportunities will have been published, a value that will remain stable for the third consecutive semester - but May's data could mean a break in this trend.


How will labor demand evolve in the second half of 2024?


The scenario outlined by the latest data provides a unique opportunity for a macroeconomic context analysis, identifying some key factors that could affect the evolution of labor demand in this year's time horizon:

  • The favorable indicators are mainly due to the good performance expected for the Uruguayan economy in 2024 and the auspicious employment outlook. It should also be noted that the group of activities that demand more personnel has evolved positively in the last year.
  • The warning signs for labor demand in 2024 are given by the two most representative variables of the labor market -real wages and employment- against the backdrop of an election year, in which employers remain cautious.
  • The unfavorable indicators are given by the regional context: the flood crisis in the south of Brazil, with potential impact on exports, logistics, inflation and tourism; the negative performance of Argentina and the loss of competitiveness, which continues with no prospects of improvement.


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