Venezuela – Unemployment rate fell to 8% in July

Caracas, 18 Ago. AVN .- Employment in Venezuela continues growing, as it has been evidenced with the fell of the unemployment rate in July to 8%, according to the Monthly Report on Workforce published by the National Statistics Institute (INE, in Spanish).

Between July 2010 and July 2011, the rate fell 0.7 percent, which proofs the positive performance of the labor market, said the the president of the INE, Elias Eljuri.

Likewise, the unemployment rate dropped 0.6% compared to the previous month, as a result of the growth of employed population in 158,394 people.

“Unemployment rate stays well below rates when president Hugo Chavez assumed the presidency or the high rates registered as a consequence of political factors: the coup in 2002 and the oil sabotage in 2003,” he said.

The unemployment rate was at 14.7% in 1999, when Chavez was inaugurated, and reached 18.3% in July 2003.

Likewise, he underscored that Venezuelan economy has generated 3.12 million jobs between 1999 to date. Said figure is above the increase of the workforce in the same period, which is translated into a reduction of 431,184 unemployed people and 6.7%.

Furthermore, the quality of jobs continues improving. In July 1999, Eljuri said, formal job rate stood at 49.3%, while by July this year, it reached 57%. This is in fact an evidence of the consolidation of sectors generating stable and productive jobs in the country, he underscored.

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