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Uruguay Unemployment

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Unemployment
Unemployment Rate in Uruguay decreased to 5.70 percent in July of 2014 from 6.90 percent in June of 2014. Unemployment Rate in Uruguay averaged 7.55 Percent from 2006 until 2014, reaching an all time high of 13.40 Percent in January of 2006 and a record low of 5.40 Percent in December of 2010.(www.tradingeconomics.com) The forcast for unemployment is at six and a half percent for the next year. This rate has economists concerned now, due to lack of skilled workers, and workers in general. The median age, in Uraguay, are older and this has meant a lower birth rate. Lower birth rate means, less people to employ for certain jobs in Uraguay. Since 2002 there has been a steady economic growth rate. A report stated that “sustained economic growth over the last few years, and increase in foreign investment and in agriculture and forestry has created many new jobs and now it is hard to satisfy the demand for adequately skilled workers”. (www.en.mercopress.com) A new pulp mill and mining are expecting to need approximately 10,000 new workers. As a solution to this problem incentives are being offered to Uruguayans living abroad to return to their country and join in the construction boom and industry work. Even with low rates in unemployment it seems to have a reverse effect on the economy to attain the number of workers once a shortage of work has now become a shortage of workers. The government has now reached out to women and the young for training of basic skills, all good for the economy, but time consuming as the boom is happening currently. As for students and education most are interested in law and medicine where the actual need is for engineering and system engineers. The following graphs show the trends in unemployment in Uruguay over the last decade as it pertains to the economy.
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