MexECON Blog

November Unemployment Rebounds to 5.2 Percent

Mexico's November unemployment rate rebounded to a seasonally-adjusted 5.2%.  That was significantly higher than the 4.8% rate in October, but it was in line with the 5.2% reading in September.  It was comfortably lower than the 5.4% reading in August.  The report was released by INEGI, the official statistics agency.

Comment:  The Mexican job market continues to mirror U.S. trends.  Joblessness has fallen from the extreme levels reached in the midst of the global recession, but the improvements have come at a glacial pace, with signs of more substantial improvements showing up only in the most recent data.  As I have been arguing recently, North America appears to have partially decoupled from the economic problems in Europe and Asia.  If the debt crisis in Europe and the slowing growth in Asia do not get too much worse, the North American economy will probably continue to heal.  In that case, Mexican exports would probably continue to grow, Mexican joblessness would continue to recede, and the newfound momentum in Mexican domestic demand would likely keep Mexico's economy growing at a decent pace for a while yet.

Patrick Fearon, CFA
Vice President, Fund Management

          Mexico's Unemployment Rate
           Seasonally Adjusted, Percent
                       Source:  INEGI
Unemployment 1111

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