Ecuador Employment Analysis:
The current unemployment rate of Ecuador in 2010 is of 9.1% of the population. In the 80s the unemployment rate averaged 7.6%, in the 90s 8.6%, and from 2000-2010 8.9%.
Many experts believe that even though the economy grew, the unemployment did not improve because Ecuador businesses have not made the necessary adjustments needed to stay competitive and more productive in the world economy of today.
The minimum wage was $97.50 for a month for a full time worker in 2000, $186.60 in 2006, and $254.20 at the start of 2010.
The problem is that the Consumer Price Index, or average cost of the basic household goods for one person for one month is at $528.90 (as calculated at the beginning of 2010) although locals find ways to spend much less. Regardless, the obvious gap is alarming.
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