Private sector registered employment declined once more as the first half of 2026 came to a close. Labour ministry data indicates that monthly registered employment in the private sector experienced a decline of 0.1% in June, translating to approximately 6,261 fewer jobs compared to May. The year-over-year comparison of formal private-sector employment indicates a decline of 1.9% relative to June 2025, reflecting a reduction of 121,000 jobs. Estimates, derived from official data, indicate that the seasonally adjusted employment series was 3.9% lower than the level recorded in November 2023. This equates to a cumulative loss of some 246,312 jobs in the formal private sector during the Milei era – the “lowest employment level in the last fifty months.”
Among the provinces, only two currently surpass the levels recorded in November 2023: Neuquén at 8.7% and Río Negro at 3.3%. The data once again underscores the dual trajectories of the Argentine economy. While the surge in oil and mining activities suggests potential growth in the provinces hosting these projects, the underlying economy-particularly manufacturing, construction, and consumer expenditure-remains in a state of decline. This exacerbates challenges in provinces where these sectors serve as the primary sources of employment. To illustrate the point, one need only compare the absolute figures: Neuquén is the province that generated the highest number of jobs, totalling 12,430, whereas Buenos Aires Province experienced the largest decline, with a loss of 90,103 jobs.
When comparing employment levels in June 2026 to November 2023, eleven of the fourteen sectors analysed by consulting firm Politikón, based on labour ministry data, exhibit declines. The most significant declines are observed in manufacturing (-7.4%), mining and quarrying (-8.1%), and construction (-14.2%). The decline in employment within the mining and quarrying sector is notably substantial, as it encompasses personnel engaged in the oil industry. The data indicates that, although Vaca Muerta is contributing to employment growth in Neuquén, YPF’s decision to close mature oil wells in other regions of Argentina-specifically to focus on Vaca Muerta-fails to mitigate job losses in the oil sector across the remainder of the country.
Conversely, there are only three sectors that have demonstrated progress since Milei assumed office: agriculture (10%), fishing (3.8%), and education (0.1%). This sharp decline in employment has coincided with a notable surge in business closures. Estimates from the Argentine Center for Political Economy (CEPA, for its Spanish acronym), grounded in official data, indicate that 31,342 businesses have ceased operations since Milei assumed office.
