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Assembling a panel of 60 000 individuals in the Peruvian capital, based on the Permanent Employment Survey, enabled us to address more precisely the employment trajectories of the Working Age Population (WAP). This has made the distinction between entries into and exits from poverty possible, as well as the distinction between chronic and transient unemployment. A job quality indicator is also proposed, following the guidelines presented by the ILO in its latest “Panorama Laboral” report. The issue of vulnerability is then addressed, particularly with respect to risks of unemployment and loss of job quality, using multinomial logit regression models. In addition to individual characteristics, the impact of the demographic and employment structure of the household was considered. The impact of individual shocks (favorable and unfavorable, demographic and on the job market) and collective shocks (“covariant”) that affect all workers were also examined, as well as district characteristics regarding employment.