Unemployment climbs to 8.4 percent ending May

[naaman fletcher]

Venezuela's unemployment rate stood at 8.4 percent at the end of May -a slight increase of 0.3 percentage points compared to the same month last year, reported the National Statistics Institute (INE).

This represents 1,106,321 jobless people, or 59,165 more than in May 2010.

In a press release, INE president Elías Eljuri said that the increased unemployment rate shows that the labor market is performing efficiently. He said that it is obvious that "the dynamics of the Venezuelan economy led to the creation of 3,464,108 jobs" during the government of President Hugo Chávez, which means that the number of jobless people decreased by 358,471 people.

In this regard, in May 1999, formal employment hit 46.3%, compared to 53.4% in May 2011, which represents an increase of 7.1 percentage points.

http://english.eluniversal.com/2011/06/23/unemployment-climbs-to-84-percent-ending-may.shtml

Increased unemployment.. another way Chavez is like W. But, he is for the people and wears a red shirt so it's ok.