Latin American Unemployment Hits 9-Year Low but Economic Headwinds Could Reverse Gains
• Unemployment in Latin America fell to 6.3% in 2023, the lowest level since 2014 • The rate rebounded significantly from the 10.6% unemployment seen in 2020 during COVID lockdowns • An economic slowdown forecast for 2024 could reverse recent unemployment gains • The UN agency estimates the 2024 regional unemployment rate will rise to between 6.5-6.8% • Slower growth may still create more informal jobs lacking benefits of formal employment