Peru’s Lima Jobless Rate Falls to 4.4%

PERU · ECONOMY

The Lima jobless rate fell to 4.4% in the July to September quarter, from 5.7% a year earlier, as employment rose 6.0%. Average pay from the main job rose only 0.4% to S/ 2,302 (about US$669) a month.

Peru’s statistics institute INEI said on Thursday, 15 October, that the Lima jobless rate fell to 4.4% in July to September. Employment in the capital rose 6.0% from a year earlier, to 6,013,300 people.

For US readers, the survey is a gauge of consumers in a country that ships clothing and fruit to the US. It shows pay up only 0.4% while Lima consumer prices rose 4.55%.

What the Lima Jobless Rate Shows

INEI counted 6,013,300 employed people in Lima Metropolitana, the capital’s urban area, in the July to September quarter. That is 339,300 more than a year earlier, a rise of 6.0%.

The unemployment rate was 4.4%, down 1.3 percentage points from 5.7% in the same quarter of 2025. INEI estimates that 274,900 people were actively looking for work.

INEI put the rate at 4.8% for June to August in its 15 September release, so the latest reading is lower. INEI said in its 15 August release that 4.7% for May to July was the lowest in the survey’s history.

The figures come from the national household employment survey, known as EPEN, and cover rolling three month periods. Each new reading drops the oldest month and adds the newest, so neighbouring readings share two months.

Who Gained the Jobs

Women gained most, with employment up 7.4% (190,300 jobs), against 4.8% (149,100 jobs) for men. Women now hold 46.0% of Lima’s jobs, or 2,763,500 positions.

Workers aged 45 and older drove the increase, with 261,800 more jobs, up 11.5%. Employment among 14 to 24 year olds fell 1.6%, a loss of 10,300 jobs.

Services added 285,400 jobs, up 9.3%, while commerce rose 6.3% and construction 6.2%. Manufacturing lost 43,500 jobs, a fall of 5.2%.

Firms with 51 or more workers added 178,700 jobs, up 11.0%, and firms with up to 10 workers added 187,800, up 5.7%. Employment fell 3.6%, or 27,000 jobs, at firms with 11 to 50 workers.

Pay Barely Moved While Prices Rose

Average monthly income from the main job in Lima was S/ 2,302.0 (about US$669), up 0.4% from a year earlier. Conversions in this article use S/ 3.44 per US$, which matches the central bank’s interbank selling rate of 13 October.

Men earned S/ 2,593.8 (about US$754) and women S/ 1,954.1 (about US$568), up 0.5% and 0.7%. Income rose 7.5% (S/ 97.9, about US$28) for 14 to 24 year olds.

Income fell 5.1% (S/ 126.3, about US$37) for workers aged 45 and over. It fell 3.5% (S/ 124.7, about US$36) for workers with a university education, while those with primary education or less gained 6.8%.

In the June to August reading INEI had average income at S/ 2,308.4 (about US$671), up 2.6%. Lima consumer prices rose 4.55% in the 12 months to September, INEI said on 1 October.

Pay up 0.4% against prices up 4.55% implies roughly 4% less buying power, a Rio Times calculation. It is not an INEI estimate and mixes a quarterly pay average with a 12 month price change.

Formal Hiring and the Minimum Wage

Peru’s labour ministry said on 5 October, citing central bank data, that formal employment grew 4.4% in July, or 268,000 jobs. Formal private sector jobs rose 6.1%, led by services, farming and commerce.

The minimum wage rose from S/ 1,130 (about US$328) to S/ 1,230 (about US$358) on 1 October, after the survey period ended. The ministry said a second step of S/ 70 (about US$20) is due in the first half of 2027.

Economy Minister Elmer Cuba said on 14 October that the government will act to stop the economy cooling. He cited El Niño, higher fuel prices and higher global rates, and said on 7 October that fiscal policy must be expansive.

What It Means for US Readers

The US Bureau of Labor Statistics put the US jobless rate at 4.2% for September, close to Lima’s 4.4%. The surveys differ in method and geography, so the comparison is only a rough yardstick.

For investors the signal is mixed: more people in work supports spending, but flat pay against 4.55% inflation could limit it. US firms selling to or hiring in Lima face a minimum wage that rose 8.8% on 1 October.

The US Trade Representative, Washington’s trade office, set a 12.5% duty on most Peruvian goods, applied since 24 July. ADEX, the exporters’ association, says the US took 64.2% of Peru’s clothing exports from January to August, as earlier coverage showed.

INEI’s 5.2% fall in Lima manufacturing jobs is separate data, and INEI does not link it to the duties. Clothing is one part of manufacturing, so the two should not be read as cause and effect.

What Is Not Known

INEI’s release does not say why manufacturing jobs fell 5.2% or whether US duties played any part. It does not say whether 4.4% is a record, but INEI called the earlier 4.7% the survey’s lowest in August.

The release covers Lima only, so it gives no national unemployment rate for July to September. INEI’s press release also leaves out informality and underemployment, so the quality of the new jobs is not yet clear.

The estimate of roughly 4% less buying power is approximate. It compares a quarterly pay average with a 12 month inflation rate that ends in September.

What Comes Next

INEI has published this survey monthly, so the August to October reading should follow in mid-November, though the date is not confirmed. Cuba’s countercyclical plan is the next policy test, but no date or figures have been confirmed.

Frequently Asked Questions

What is Lima’s jobless rate?

INEI put it at 4.4% for July to September 2026, down from 5.7% a year earlier. About 274,900 people were actively looking for work.

How many people work in Lima?

INEI counted 6,013,300 employed people in Lima Metropolitana, up 6.0% or 339,300 from a year earlier. Women hold 46.0% of those jobs.

Did pay rise in Lima?

Average monthly income from the main job rose only 0.4% to S/ 2,302.0 (about US$669). Lima consumer prices rose 4.55% in the 12 months to September.

Which jobs fell in Lima?

Manufacturing employment fell 5.2%, or 43,500 jobs, and jobs for 14 to 24 year olds fell 1.6%. Employment also fell 3.6% at firms with 11 to 50 workers.

Does this cover all of Peru?

No, it covers Lima Metropolitana only and comes from the national household employment survey, known as EPEN. INEI publishes the Lima reading as a rolling three month average.

How does Lima compare with the US?

The US unemployment rate was 4.2% in September, which the Bureau of Labor Statistics published on 2 October. The surveys differ, so the comparison is only a rough guide.

Sources: INEI, press release on employment in Lima Metropolitana, July to September 2026, 15 October; INEI, employment in Lima Metropolitana, June to August 2026, 15 September; INEI, consumer prices in Lima Metropolitana, September 2026, 1 October; Ministry of Labour and Employment Promotion, formal employment and minimum wage, 5 October; Ministry of Economy and Finance, statement by Elmer Cuba, 14 October; El Peruano, statement by Elmer Cuba on fiscal expansion, 7 October; Gestión, countercyclical policy, 14 October; INEI, employment in Lima Metropolitana, May to July 2026, 15 August; Forbes Perú, clothing exports and ADEX, 13 October; Office of the US Trade Representative, Section 301 forced labor notice of action, Federal Register, 28 July; Central Reserve Bank of Peru, interbank exchange rate series, 13 October; US Bureau of Labor Statistics, Employment Situation, September 2026 (all accessed 15 October 2026).