The US is the country with the lowest level of employees’ legal protection, and together with China are the most competitive nations in the globe. The unemployment rate in the US fell from 3.8% to 3.6% in April, the lowest rate in 49 years (from December 1969), and in just one month some 263,000 new job positions were created, almost reaching full employment, as reported by the Federal Government.
Published in El Cronista on August 6, 2019
In just one month the US has created what we have lost in a year. Argentina only reached a similar unemployment rate in 1980, then it has always been over 7% or 8%, and the highest rate was found in 1997, and in 2002 we had record highs around 20%.
On the one hand, the average hourly wage in the US rose by USD 6 cents to USD 27.77, totaling USD 5,000 per month, equal to ARS 225,000. In the last twelve months wages have increased by 3.2% at the same level than last month, with an annual inflation rate always below 2%. The upward trend in wages derives from supply and demand, and the systemic growth of the economic model. In Argentina wages fell by 10% in one year, and unemployment is still on the rise, above 10%. Seguir leyendo The US Model of Industrial Relations Reduces Unemployment