President Javier Milei’s approval rating and positive image remained well above domestic peers in June even as Argentines became increasingly worried about the job market after unemployment rose earlier this year.
Milei’s approval and disapproval ratings both stood at 44 percent last month while nearly 12 percent of respondents were unsure about the libertarian leader, according to LatAm Pulse, a monthly poll conducted by AtlasIntel for Bloomberg News. With tumbling inflation amid a stable currency, Milei also maintained the highest positive image of all major Argentine political leaders at 47 percent.
The encouraging polling figures contrast with growing concerns about Argentina’s labour market, which saw unemployment in the formal sector rise to 7.9 percent in the first quarter — the highest in more than three years. Over 70 percent of Argentines have a negative view of the current job market and unemployment edged over inflation to rank as the problem most often cited in June, according to the AtlasIntel poll.
Formal private sector employment was down by 115,000 jobs in March, the most recent month of data, compared to November 2023 right before Milei took office and implemented abrupt policy changes. Construction, manufacturing and transportation lead all industries by formal job losses, according to official statistics. Meanwhile, the government has cut more than 50,000 state jobs.
Informal jobs in Argentina, which tend to have lower salaries and fewer benefits, rose by 224,000 in the first quarter from a year ago, the INDEC national statistics bureau reported.
Despite economic growth projected to top five percent this year, the job cuts have translated into weaker wage growth: From January to April, private sector salaries rose 9.6 percent compared to 11.6 percent inflation over that time, according to INDEC data. Last year, those wages soared 148 percent, galloping past 118 percent annual inflation.
by Patrick Gillespie, Bloomberg
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