Have the labor markets recovered in the decade in the countries of the continent?

Have the labor markets recovered in the decade in the countries of the continent? The following figures compare the level of employment when the economy had its peak before the crises. This allows quantifying “gaps” in employment, i.e., the difference between the observed level and the “potential” (in reference to the peak) level of employment. We can observe three patterns (all in relation to earliest peak):

i) In Canada, Colombia, Mexico and the United States there is an employment gap by 2012.

ii) In Brazil, Chile, Costa Rica, Ecuador, Peru and Uruguay there is not an employment gap, i.e. the level of employment is similar to the potential employment.

ii) In Argentina, Panama and Venezuela current employment is higher than potential employment

Figure

Employment and Potential Employment across the Business Cycle, 2000-2010

Note: Employment calculated using working age population 15+.

Source: Own calculations using International Labour Organization (ILO), LABORSTA

For more information, The Americas Social Security Report 2013 will soon be available on the website of the CISS.