ESPACIO PUBLICITARIO
CARACAS, Friday November 16, 2012 | Update
 
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UNEMPLOYMENT | According to the National Statistics Institute

Unemployment rate ends at 7.3% in October

In absolute terms, this accounts for 989,227 jobless

EL UNIVERSAL
Friday November 16, 2012  03:26 PM
Unemployment rate in October 2012 stood at 7.3%, a drop of 0.9 percentage points below 8.2% in October 2011, as appears from the monthly report on labor prepared by the Venezuelan National Statistics Institute (INE).

In absolute terms, this accounts for 989,227 jobless. Last year, people out of work amounted to 1,113,631.

Last month, as many as 12,519,285 people had a job, 7,450,427 of which were employed in the formal sector whereas 5,068,858 were in the informal sector.

In a press release, INE president Elías Eljuri extolled a trend towards the consolidation of the sectors, which create most jobs and afford more stability for workers, taking into account the formal-informal labor ratio.

Translated by Conchita Delgado
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Cristian Fonseca, a businessman in La Candelaria district downtown Caracas, was doing the accounts in his small shop office on Sunday December 21, 2008. The Christmas shopping season kept him working late hours into the night. It was around 11 p.m. and his phone rang. A friend broke the bad news to him over the telephone.

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