and labour force, regional and subregional, Americas, 2019–23

X Table 2.2 Estimates and projections of working hours, employment, unemployment

and labour force, regional and subregional, Americas, 2019–23

Region/subregion Ratio of total weekly hours worked to population aged 15–64 (percentages)

Total weekly working hours in full-time equivalent jobs (FTE = 48 hours/week) (millions)

2019 2020 2021 2022 2023 2019 2020 2021 2022 2023

Americas 26.5 22.9 25.2 26.2 26.4 372 324 359 374 380

Latin America and the Caribbean 26.0 21.8 24.6 25.5 25.8 235 199 226 237 241

North America 27.5 25.0 26.4 27.3 27.7 137 125 132 137 139

Employment-to-population ratio (percentages)

Employment (millions)

2019 2020 2021 2022 2023 2019 2020 2021 2022 2023

Americas 58.7 53.6 55.5 56.5 56.9 463 428 448 460 469

Latin America and the Caribbean 57.8 52.0 54.2 55.3 55.8 283 258 272 281 287

North America 60.1 56.2 57.7 58.5 58.8 180 170 176 179 182

Unemployment rate (percentages)

Unemployment (millions)

2019 2020 2021 2022 2023 2019 2020 2021 2022 2023

Americas 6.4 9.3 8.3 7.4 7.0 31.6 44.0 40.7 37.0 35.4

Latin America and the Caribbean 7.9 10.1 10.0 9.3 8.8 24.3 28.8 30.1 28.8 27.6

North America 3.9 8.2 5.7 4.3 4.1 7.3 15.2 10.6 8.2 7.7

Labour force participation rate (percentages)

Labour force (millions)

2019 2020 2021 2022 2023 2019 2020 2021 2022 2023

Americas 62.7 59.1 60.6 61.0 61.2 495 471 489 497 504

Latin America and the Caribbean 62.7 57.8 60.2 61.0 61.2 307 287 302 310 315

North America 62.6 61.2 61.2 61.1 61.3 187 185 186 187 189

Source: ILOSTAT, ILO modelled estimates, November 2021.

Labour market slack remains significant in North America–as reflected in unemployment, low participation and those wanting more work, despite reported shortages and hiring difficul-

ties, particularly in some sectors (IMF 2021a). The EPR has increased from 2020 levels, but remained below pre-pandemic levels in 2021 and is expected to remain below them through 2023 (table2.2). The LFPR, which remained constant in 2021, is expected to increase only slightly in 2023 and remain below its 2019 level. The unemployment rate saw a large drop in 2021 and is expected to decline further in 2022, but is unlikely to have returned to its 2019 level by 2023.

The lag in labour market recovery arises from various factors, including the impact of the ongoing health crisis on both labour demand

and labour supply. On the demand side, the crisis prevents a full reopening of the economy, and the continuing uncertainty makes firms reluctant to hire. The gradual and uneven reopening of the economy along with shifts in consumer preferences are also influencing labour demand trends. On the supply side, the fear of contracting the virus deters many from re-entering the labour market. In particular, in sectors and occupations where potential exposure to the virus is high, for example food service, many employers are finding