BUENOS AIRES--Argentina's unemployment rate fell abruptly to 7.2% in the second quarter as the economy appeared to gain traction following a significant slowdown last year.
The unexpectedly sharp decline in unemployment puts the rate down from 7.9% in the first quarter. Argentine President Cristina Kirchner unveiled the second-quarter data in a speech late Tuesday.
Earlier this month, Argentina's statistics agency said the economy had picked up significant speed in May.
According to the data, the economy expanded 0.6% from April and was up 7.8% from May 2012. Accumulated growth accelerated to 4.9% during the first five months of 2013, compared to the year-earlier period.
Private-sector economists have been critical of the data, saying it likely overestimates economic growth.
Meanwhile, some private-sector data indicate that the economy's rapid recovery has not been accompanied by an equally large increase in job creation. Job security is a top concern for Argentines even after almost a decade of booming economic growth.
Unemployment was the public's No. 3 worry, after inflation and crime, in a recent poll by Management & Fit. The new jobs data could prove positive for Mrs. Kirchner and her ruling coalition in a midterm election set for October.
The elections are considered crucial because of speculation, neither confirmed nor completely denied by Mrs. Kirchner, that she wants to seek a third consecutive term.
To do that, she would have to change the constitution, which would require more support than her ruling coalition currently has in Congress.
nasdaq.com
The unexpectedly sharp decline in unemployment puts the rate down from 7.9% in the first quarter. Argentine President Cristina Kirchner unveiled the second-quarter data in a speech late Tuesday.
Earlier this month, Argentina's statistics agency said the economy had picked up significant speed in May.
According to the data, the economy expanded 0.6% from April and was up 7.8% from May 2012. Accumulated growth accelerated to 4.9% during the first five months of 2013, compared to the year-earlier period.
Private-sector economists have been critical of the data, saying it likely overestimates economic growth.
Meanwhile, some private-sector data indicate that the economy's rapid recovery has not been accompanied by an equally large increase in job creation. Job security is a top concern for Argentines even after almost a decade of booming economic growth.
Unemployment was the public's No. 3 worry, after inflation and crime, in a recent poll by Management & Fit. The new jobs data could prove positive for Mrs. Kirchner and her ruling coalition in a midterm election set for October.
The elections are considered crucial because of speculation, neither confirmed nor completely denied by Mrs. Kirchner, that she wants to seek a third consecutive term.
To do that, she would have to change the constitution, which would require more support than her ruling coalition currently has in Congress.
nasdaq.com
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