The latest monthly report from Venezuela’s National Institute of Statistics (INE) says that the unemployment rate fell to 6.4 percent in November, down from 7.3 percent in October. According to the data, 115,714 people found paid work last month.
The report also states that the formal sector added 188,498 jobs since last year. The amount of people working in formal jobs grew from 56.3 percent in November of 2011 to 57.5 percent this November.
The informal sector, which includes businesses with less than five employees, independent workers, domestic workers, and others, shrank this year by 119,308 jobs. This sector accounted for 43.7 percent of the work force in November 2011, and this November accounted for a slightly smaller 42.5 percent.
Regarding the results, INE President Elías Eljuri said that the Venezuelan economy continues to demonstrate its capacity to offer opportunities for workers.
“It’s a fact that the Venezuelan economy wasn’t just capable of absorbing all of the newly economically active population between 1999 and 2012, but also that it absorbed part of the population that was previously in the unemployment lines, to reach 4 million people incorporated during this period,” Eljuri said in a press release.
Venezuela’s strong economic growth was also highlighted in the report. In the third quarter of 2012, GDP growth was measured at 5.2 percent.
Eljuri said the number “indicates that the Venezuelan economy is on the rise, due to economic and social policies oriented toward the satisfaction of the needs of the population and not those of capital. Certainly, this is possible through the use of oil profits invested in social missions relating to health, nutrition, education, social protection and housing, among other areas, that allow the members of the working class to contribute their labor to national development.”
YVKE Mundial/ Press – Venezuelan Embassy to the U.S. / December 20, 2012