The Milei administration has been arguing for months that Argentines’ purchasing power is recovering after the sharp fiscal adjustment of 2024 — even claiming it has already surpassed the levels seen under Alberto Fernández’s presidency.
That claim has been based on a specific indicator: the registered private-sector wage index, which is based on data compiled by the human capital ministry.
Unlike the wage figure used by statistics institute INDEC, this indicator uses a different methodology, as it accounts for overtime, awards, and bonuses received by salaried workers.
In recent days, however, the indicator’s dip left the government without a leg to stand on: after 20 straight months above the November 2023 mark — the month before Milei’s ascent to power — the average wage in June clocked in 0.6% below the level registered nearly three years ago.
In monthly terms, the average private-sector wage fell 0.9% in June. In May it had contracted 2.9%.
