During the second quarter of this year, the average monthly income from work in the main activity in Metropolitan Lima was S/1,925, which meant a nominal increase of 13.1% compared to 2019, when it was S/1,702. However, in real terms —that is, adjusted for inflation— it is still 7% below below pre-pandemic levelaccording to the study note of the Central Reserve Bank of Peru (BCRP).
The economist Armando Mendoza points out that although an increase in nominal income is observed, the same does not happen in real terms, since the purchasing power of workers has decreased due to the increase in prices of the products in the basket.
“For example, if in 2019 —with an income of S/1,000— a basket of goods, services and food could be purchased, today you cannot acquire that same basket because it has already gone up in price and you actually buy a basket that is 7% smaller. What the BCRP says is that people’s purchasing power is 7% lower than it was four years ago,” the expert explained.
In this sense, Mendoza mentioned that, since real incomes have not yet reached their pre-pandemic levels, workers have to adjust their expenses so that the money lasts throughout the month.
By productive sector, workers in the services category were the most affected in the second quarter, since they registered an average income of S/1,985, which represents a drop in real terms of 9.1% compared to four years ago.
Meanwhile, the average real income for construction personnel is 6.1% less than before the pandemic. While in the commerce sector it is located 0.6% below 2019.
Job postings dropped in July
The number of job advertisements amounted to 34,410 during the first week of July, which represented a reduction of 0.6% compared to what was registered in 2022, according to information collected by the BCRP from portals of job calls.
It is worth noting that the unemployment rate in the second quarter of 2023 was 6.6%; that is to say, 0.2 percentage points more than the rate for the same period in 2019.
Source: Larepublica
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