The report, Employment situation in Latin America and the Caribbean. Employment trends in an unprecedented crisis: Policy challenges says that the COVID-19 pandemic has led to the biggest contraction in the last 100 years, with major economic, labour, social and production-related costs.
The greatest effects were felt in the second quarter of the year, when it is estimated that approximately 47 million jobs were lost across the region. Many of those who lost their jobs were unable to find opportunities to swiftly re-enter the workforce or they withdrew from the labour market because restrictions on mobility prevented them from seeking employment.
The pandemic has sharply affected the employment of young people between 15 and 24 years of age, because there are fewer entry-level vacancies, fewer renewals of temporary contracts and fewer hires. According to available data from four countries in the region, the drop in employment for people in this age range was -7.8 percentage points, compared to -7.3 percentage points for those 25 and older.