The unemployment rate at the national level reached 3.8% in January 2023 and represents a significant decrease compared to the 5.4% registered in January 2022, the National Institute of Statistics and Censuses (INEC) announced. That is 1.6% less year on year.

Full employment also reflected an improvement over the past year, rising from 33.1% to 34.8%. People who earn an income equal to or greater than the minimum wage working 40 hours a week, more or less, are employed here.

With 91,990 new jobs and unemployment falling to 3.2%, Ecuador closed 2022, according to the INEC report

Meanwhile, underemployment fell from 22.6% in January 2022 to 19.3% in January 2023. INEC considers this to be an important indicator for analyzing labor market dynamics. Underemployed are people with a job who receive income below the minimum wage and/or have worked less than the legal shift and have the desire and availability to work additional hours.

The unemployment report puts 1,656,685 people underemployed since last January; 321,598 people without employment and 2,578,442 in other full employment, which includes employed people who receive income below the minimum wage and/or worked less than the legal shift, and have no desire and availability for additional work. These three indicators are the ones that show a significant difference in January.

In four months of the year, the search for work in Ecuador is greater; January is the highest month

In 2022, it ended with an unemployment rate of 3.2%. In December, INEC reported 266,942 unemployed people, at the end of the year temporary jobs are activated due to the holidays. While January is one of the months of the year in which the job search increases.

Out of every 100 paid jobs, 84 are created by the private sector and 16 by the public sector. This ratio is maintained.