Venezuela July Unemployment 7.2% Vs 8.8% Year Ago

Venezuela's unemployment rate continued its downward trend in July, coming in at 7.2% against 8.8% a year ago, the government statistics agency reported Thursday. The July unemployment figure is the lowest unemployment figure for the month since at least 1999, the agency said in its press release. In the last 12 months, 378,491 people entered the workforce, the INE statistics agency reported. The INE based its unemployment report on a nationwide survey of 23,018 people. The statistics agency said that the July results showed that unemployment is likely to be reduced to 6% by the end of the year. Unemployment figures in Venezuela have been questioned by many analysts during the last few years. The INE regularly adjusts the size of the workforce by excluding unemployed Venezuelans who join the ranks of President Hugo Chavez's educational programs. This method can artificially reduce unemployment statistics, economists say.