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According to a survey by the Argentine Social Debt Observatory (ODSA) within the Catholic University of Argentina, there has been a reported rise in unemployment with the final figure coming in at 9.9% in the final trimester of the year, up from 9.4% in 2015. This comes after a concerning report on employment from the first few months of 2016 that showed the creation of group “new poor”, published by Universidad Católica Argentina (UCA).

This affects a total 1,782,000 people and is higher than the 8.5% reported by the Indec for the same period last year, which had shown a drop compared to the second trimester. Taking into account that this is based on an economically active population (PEA) of 18 million; that’s a considerable number.

This report also comes just a week after a survey – conducted by Ibarómetro and the Center for Labor and Development Studies (CETyD) at the University of San Martín — revealed a stark level pessimism among Argentines with almost half reporting being scared of losing their job. However, with these new figures just in; perhaps such pessimism wasn’t completely unfounded.

Addressing the inconsistency between reports, Agustín Salvia, researcher and director at ODSA stated: “There must be a statistical error or a seasonal effect between the second and third trimester of Indec data.”

Looking to the future of the situation, according to the report, “there is no evidence of an occupational crisis but there are no improvements either.” continued Salvia.

“A change of direction will not only require investments, but also policies that will reactivate the domestic market, support microenterprises and improve their productivity,” he emphasized.