Argentina’s labour market experienced two sharply contrasting periods. The first, between 2003 and 2012, was characterized by falling unemployment, rising real wages, declining inequality, and improvements in formal employment. The second was marked by prolonged macroeconomic instability, stagnant productivity, and deteriorating labour market conditions. Despite relatively low unemployment rates, real wages collapsed, informality remained persistently high, and a growing share of workers became poor despite being employed. At the same time, human capital accumulation among younger cohorts has weakened significantly. Argentina's labour market challenge is no longer primarily one of unemployment but of job quality.