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.