Wednesday, July 20, 2005

Jobs, jobs, jobs 

A little over two years ago Venezuela went throught a terrible, largely artificial, depression (it was mainly the result of an opposition “strike”) that severly damaged the economy and sent unemployment to over 20%. Since that time the economy has been improving dramatically with over 17% growth last year and almost 8% growth so far this year. Virtually all economic indicators have improved significantly.

Yesterday statistics were released that showed one more very important economic indicator has improved – the number jobs. The unemployment rate for June 2005 was 11.8%. This compares to 12.6% for the prevoious month, May. The unemployment rate for June 2004, was 15.5% so we can see the unemployment rate has dropped by 3.7% in the past year.

What does this mean in terms of jobs? Simple, the number of people working in the formal sector of the economy went from 5,026,265 in June 2004 to 5,625,856 in June 2005 for an increase of 599,591. So in one year nearly 600,000 jobs have been created!! Not bad. Of course, Venezuela needs a lot more jobs than that as many are still without jobs or employed in the informal sector. But this just goes to show what happens when there aren’t coup attempts and “strikes” and Chavez is allowed to govern. Most Venezuelans support the government and are optamistic about the future. These numbers give a very strong indication why.


This page is powered by Blogger. Isn't yours?