MexECON Blog

December Unemployment Falls to 5.0 Percent

Mexico's December unemployment rate fell to a seasonally-adjusted 5.0%, down from 5.2% in November but still higher than the 4.8% rate in October.  The rate in December was significantly below the 5.5% reading posted in December 2010, and it was lower than the 2011 average of 5.2%.  The report was released today by INEGI, the official statistics agency.

Comment:  Joblessness in Mexico remains on a gradual downtrend, in spite of the global economic slowdown since last summer.  The continued fall in unemployment probably stems in part from the fact that the U.S. economy has regained some traction.  Even as economic growth slows in Europe and Asia, activity has started to show signs of reaccelerating in the United States, Mexico's key export market.  In addition, there is some momentum in Mexico's own domestic demand.  Continued export growth and solid domestic demand are likely to keep Mexican unemployment on a downtrend for at least the next few months.

Patrick Fearon, CFA
Vice President, Fund Management

                                         Mexico's Unemployment Rate
                                           Seasonally Adjusted, Percent
                                                      Source:  INEGI
Unemployment 1112

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