Unemployment rate (annual) in Venezuela

The unemployment rate measures the share of jobless people within Venezuela's total labour force. It is the main gauge of the labour market and of the economy's ability to create formal jobs.

It is estimated from a household survey (the INE's sample household survey) following ILO criteria: an unemployed person is someone without work, available to work and actively seeking a job. It is expressed as a percentage of the labour force, on an annual basis.

High unemployment signals economic weakness and weighs on consumption and social stability; in Venezuela's case it also reflects the impact of a prolonged crisis and widespread informality. With a heavily and de facto dollarised economy, its bearing on monetary policy is limited, but it guides investors and international bodies.

Venezuelan data suffer from low frequency, irregular publication and doubts over reliability; the vast informal economy and mass emigration distort the reading. It is worth distinguishing whether the rate moves because of shifts in labour demand or falls in the labour force, and figures should be treated with caution.