MexECON Blog

September Unemployment Rises to 5.3 Percent

In a report late last week from INEGI, the official statistics agency, Mexico's September unemployment rate rose to a seasonally-adjusted 5.3%.  That followed an unrevised reading of 5.2% in August and a revised 5.3% in July.  For comparison, joblessness in Mexico was consistently between 3.0% and 4.0% during the country's last economic boom from 2005 to 2008.

Comment:  Mexico's unemployment rate has fallen substantially from its cycle peak of 6.0% in September 2009, but it appears to have reached at least a temporary plateau.  Nevertheless, recent reports suggest Mexico's economy continues to grow at a good pace, so joblessness could well resume its downward trend in the coming months.  Declining unemployment would likely help accelerate the recent increases in Mexican consumer spending and make the country's current economic rebound more sustainable.

Patrick Fearon, CFA
Vice President, Fund Management

                                 Mexico's Unemployment Rate
                                  Seasonally Adjusted, Percent
                                            Source:  INEGI
Unemployment 1009

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