Mass hiring before the guarantee law influenced January's unemployment data, according to the Andi

TL;DR

Unemployment rate decreased to 10.9% in January 2026, down 0.8 percentage points from January 2025.
Labor force participation declined, with approximately 410,000 people becoming economically inactive.
Major job losses were observed in commerce (-149,000), accommodation and food services (-109,000), and public utility supply (-69,000).
Employment increased in public administration, education, and health (+172,000), professional activities (+155,000), and manufacturing (+134,000).
60% of the employment increase came from self-employed (195,000) and employers (115,000), with minimal growth in private sector employees.
The Andi questions whether public spending on service contracts influenced the employment figures prior to the Guarantee Law.
Concerns are raised about the reduction in informality not aligning with the growth in self-employment, a sector typically linked to precariousness.
Only 75,000 of the 324,000 new employed individuals were in salaried positions.

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