7,860 Companies Disappeared Since Milei Became President of Argentina
From November to April, 74 percent of the job loss was focused on companies with more than 500 workers.
On Monday, the Argentine Center for Political Economy (CEPA) published an analysis of labor and business dynamics from November 2023 to April 2024, covering the first months of President Javier Milei’s administration.
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This study uses data from the Superintendence of Occupational Risks to analyze the evolution of the number of workers and employers since the far-right politician won the elections in November 2023.
Between November 2023 and April 2024, the number of employers decreased by 7,860 and 170,695 registered jobs were lost (-1.73 percent).
When analyzing the reduction in the number of employers, the CEPA report detects that companies with less than 500 workers were the most affected. Milei’s economic policies contributed to the disappearance of 7,820 of these types of companies. This figure represents 99.5 percent of total business closures.
When analyzing the decline in registered employment by company size, CEPA observes that the expulsion of workers was concentrated in larger companies.
From November to April, 74 percent of the job loss (-126,244 registered workers) was focused on companies with more than 500 workers.
In contrast, the reduction in personnel by companies with less than 500 workers was significantly lower: their jobs decreased by 44,451 cases, accounting for 26 percent of the total.
In percentage terms, while companies with more than 500 workers reduced their staff by 2.64 percent, companies with up to 500 workers reduced their workforce by 0.88 percent.
