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Lima Labor Market Adds 256,900 Jobs as Wages Rise 7.2% in Latest INEI Reading

Cooling momentum plus stubborn underemployment temper otherwise solid gains.

Overview

  • INEI reports the employed population in Lima rose 4.7% year over year in the December–February moving quarter, adding about 256,900 people to reach 5.716 million.
  • Average monthly income increased 7.2% to S/2,287, with women earning roughly 77% of men’s pay despite stronger annual income growth for women.
  • Adequate employment expanded 7.8% to about 3.77 million as the unemployment rate held at 6.4%.
  • Subemployment diverged: visible underemployment by hours fell 9.2%, while income-based underemployment rose 1.1% to 1.61 million, which stands 43% above its pre-pandemic level.
  • Job gains were broad—Commerce +11.8%, Manufacturing +8.3%, Construction +4.0% and Services +1.2%—even as overall employment growth slowed for a second month and analysts pointed to election, El Niño and international risks.