BCRP: private formal employment rose in November, leveraged by agriculture

The Central Reserve Bank of Peru (BCRP) reported that total formal employment nationwide increased 2.6% in November 2021 compared to the same month in 2019, continuing with a recovery trend and registering a positive rate for the fourth consecutive month since the start of the pandemic.

In the accumulated January-November, this employment registered a growth of 0.2% compared to the same period of 2019. In relation to 2020, this variable increased 6.1% in November and accumulated an advance of 3.8% in the eleven first months of the year.

As for private formal jobs, these increased 1.2% in last November compared to the same month in 2019, the third consecutive month with a positive rate since the start of the pandemic. In the accumulated January-November, that number of positions fell 2.5% compared to the same period in 2019.

Compared to November 2020, private employment increased 7.9% in the month and 4.0% in the January-November period. The increase in jobs in the formal private sector was mainly in agriculture, while services and manufacturing are still below the pre-pandemic level.

BCRP: formal employment in Lima

By geographical area, formal employment in Lima continues to register levels of formal employment lower than its pre-pandemic level in 2019 (-1.3% in November), while in the rest of the country formal employment is higher by 7.2 % at the pre-pandemic level of the same period.

For its part, the formal wage bill increased 10.8% in November compared to the same month in 2019. So far in 2021, this variable has shown favorable dynamics with positive expansion rates.

This is based on the increase in the average remuneration of workers and the gradual recovery of jobs. In the first eleven months of the year, the wage bill grew 5.6% versus the same period in 2019.

The total wage bill grew 15.9% compared to November 2020, due to the increase in average wages and formal positions. In the accumulated January-November 2021, the wage bill increased 10.9% compared to the same period of the previous year.