Venezuela: Unemployment Drops 22% in year

There has been increasing realization in the world's press that neo-liberal free market policies do not have a monopoly on the label pro-growth. The experience of Venezuela since the employer-led strikes in 02-03 has been one of the most booming economies in the world. In one year, car sales are up 70%, as is the stock market, GDP growth is 10&, poverty is down 30%, and now we learn that unemployment is down 22%.

Though most reports put all the credit with the booming oil market, certainly the Bolivarian economic and social policies of Hugo Chavez must receive some acknowledgement. The health, education, food and cooperative policies have put more money in the hands mass of Venezuelans, stimulating demand where there was little previously. Massive investment in infrastructure, like new train lines and bridges has created jobs and facilitated the movement of goods and services. All in all, it is not difficult to see why Chavez is set to roll on December 3rd.

Venezuela's October jobless rate falls to 8.9 pct
CARACAS, Venezuela, Nov 17 - Venezuela's October jobless rate fell to 8.9 percent from 11.4 percent in same month a year earlier, the National Statistic Institute (INE) said on Friday.

Venezuela, the fourth-largest exporter of oil to the United States, has reported falling unemployment in recent months as high energy prices spurred growth in gross domestic product of 10.2 percent in the third quarter.

Unemployment was 9.5 percent in September 2006.

INE President Elias Eljuri said in a statement the unemployment rate could fall to 7 percent by the end of the year. The statement did not say what was driving unemployment down.