Overview
- In February 2026, official workplace-risk data counted 487,920 employers after 17 straight monthly declines, a 4.8% drop since November 2023 and 2.6% fewer than a year earlier.
- Fundar’s review of the same records finds the first 27 months of Milei’s term show the worst early-term performance on record for employer counts, outpacing losses seen during COVID-19’s trough.
- Registered workers covered by the system fell by 327,813 over the period, while more people shifted to self-employment that is often outside formal protections.
- Losses are heaviest in sectors hit by weak demand and costly credit, with transport and storage down 15.7%, real estate down about 12%, and construction down 9.6%.
- Regional trends diverge as Neuquén posts a 2.1% rise tied to Vaca Muerta’s oil and gas buildout, and research flags investment concentrated in Patagonia, while industry leaders plan a Tuesday meeting with Economy Minister Luis Caputo to press for targeted incentives and relief from high financing costs.