Unemployment in Argentina fell in the second quarter even as overall economic activity slightly contracted, a reprieve for job seekers and President Javier Milei amid a growing list of setbacks. Unemployment was unchanged from a year ago as gross domestic product shrank during the quarter when analysts had projected mild growth. One concerning trend continued as Argentina added 178,000 informal jobs in the second quarter compared to just 45,000 formal jobs added, according to the data. The drop in unemployment is a welcome improvement for Milei amid a slew of setbacks almost a month before midterm elections. Despite lower unemployment, the labour market hasn’t recovered from his historic austerity cuts at the start of his presidency.