Not even the oil boom can stop private sector job loss
Despite growth in Neuquén and Río Negro, data shows employment is down almost 2% y-o-y La entrada Not even the oil boom can stop private sector job loss se publicó primero en Buenos Aires Herald .
Private sector employment continued its decline in June 2026, according to labor ministry data. The figure dropped 0.1% month-over-month, indicating a loss of 6,261 jobs compared to May 2026. Over the course of the first half of 2026, formal private-sector employment decreased by 1.9% compared to June 2025, with a cumulative loss of 121,000 jobs.
Seasonally adjusted employment stood 3.9% below November 2023 levels, representing a total loss of 246,312 jobs during the Milei administration — the lowest employment level in the last 50 months.
The disparity is most evident when comparing provincial employment levels. Only Neuquén and Río Negro provinces have surpassed the employment levels of November 2023, at 8.7% and 3.3% respectively. In contrast, Buenos Aires Province lost the most jobs, with a decline of 90,103 positions.
The data underscores the conflicting economic trends within Argentina. While the boom in oil and mining operations promises growth in certain regions, the real economy, which includes manufacturing, construction, and consumer spending, continues to decline. This discrepancy is evident when comparing job creation and losses across different sectors.
Neuquén created the most jobs (+12,430), while Buenos Aires Province experienced the most significant job losses (-90,103). Additionally, most sectors, including manufacturing (-7.4%), mining and quarrying (-8.1%), and construction (-14.2%), witnessed declines in employment.
The mining and quarrying sector's job losses are particularly noteworthy, as they encompass workers in the oil industry. While Vaca Muerta drives employment in Neuquén, the closure of mature oil wells by YPF in other regions does not suffice to prevent oil sector job losses nationwide. Conversely, only three sectors — agriculture (10%), fishing (3.8%), and education (0.1%) — have shown improvement since the Milei administration took office.
The overall job loss has been accompanied by a surge in business closures. According to estimates by the Argentine Center for Political Economy (CEPA), 31,342 businesses have closed since Milei assumed office.
Written by urgent.news from Buenos Aires Herald's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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- Not even the oil boom can stop private sector job loss buenosairesherald.com
