Unemployment in Latin America and the Caribbean dropped to 6.8 percent in 2011 from 7.3 percent in 2010 and reached its lowest levels in most countries since the mid-1990s, according to the International Labor Organization (ILO) recent report Panorama Laboral 2011. The report also projects unemployment numbers to remain stable in much of the region through the end of 2012.
“There is no doubt that unemployment rate trends have been very positive in recent years, which should help the region develop labor markets that not only generate more jobs, but better ones,” said the regional director the ILO’s Office for Latin America and the Caribbean, Elizabeth Tinoco.
Despite notable progress, nearly 16 million urban Latin Americans remain out of work and joblessness among specific demographic groups—particularly youth—is three times higher than national averages. “The economic and social progress of recent years is unsustainable if policymakers don’t face the challenge of creating better opportunities for young people”, says Tinoco.