“Panorama Laboral 2013,” the report by the International Labor Organization (ILO) on Latin America and the Caribbean gives a rather gloomy evaluation of the employment situation. Although unemployment has reached a historical low (6.3 percent), the quality of employment hasn’t improved, wages barely increased and informal labor remains high. According to the ILO, such economic stagnation could cause unemployment to increase and widen the gap between formal and informal labor.
In this latest edition of its “Panorama Laboral” (Labour Overview), the ILO states that the labor market situation in Latin America and the Caribbean is “worrying.” The organization says that economic growth in recent years wasn’t positive enough in this area and provides that the current lack of vigorousness could have a detrimental effect on job creation and the quality of labor.
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