ESPACIO PUBLICITARIO
CARACAS, Friday January 18, 2013 | Update
 
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JOBLESS | At 5.9%

Unemployment hits 806,496 Venezuelans in December

Somewhat over half of labor force last month worked in the formal sector of economy

Unemployment rate in Venezuela lowered a little bit (File photo)
YANETH FERNÁNDEZ |  EL UNIVERSAL
Friday January 18, 2013  01:45 PM
Unemployment rate in Venezuela stood at 5.9% in December, a 0.7% slump below the same term in 2011, based on a report on labor prepared by the National Statistics Institute (INE).

In absolute terms, this means 806,496 jobless last month. In December 2011, unemployment rate stood at 6.5%, that is, 885,149 people.

Last month featured 12,932,816 people with a job, including 7,503,251, or 58% in the formal sector of economy. The remainder -5,428,791- works on their own or as street vendors.

In the meantime, unemployment in December accounted for 35.5%, which is tantamount to 7,577,545 people. Such profile pools the individuals who opted to study, or engaged in housekeeping, or claimed to be unable to work.
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A simple reason: there is oil galore, would suffice to explain Guyana's actions. Another explanation lies in the little or none efforts made by the Venezuelan government to thwart the move by the Guyanese. This is certainly not a new problem, but a problem only recently highlighted because oil is involved. But what other resources does the disputed area hold? For most of us it is a section on the map with black and white stripes on it, a depiction of something distant, alien, a nothingness not worth paying much attention to in geography classes back in elementary school.

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