In the first half of 2023, the Caribbean experienced a notable slowdown in employment growth compared to the previous year, as revealed in a joint report by the Economic Commission for Latin America and the Caribbean (ECLAC) and the International Labour Organization (ILO).
- Advertisement -
Declining labor force participation
During the same period, the labor force participation rate continued its decline, moving further away from pre-pandemic levels, reflecting shifting dynamics in the job market.
Reduced unemployment rates
The report also highlighted a decrease in unemployment rates in the first half of 2023, attributed to the creation of more wage employment opportunities.
Informality rates remain high, but an increase in formal employment opportunities is gradually reducing informality.
