MexECON Blog

February Unemployment Jumps to 5.2 Percent

Mexico's unemployment rate jumped to a seasonally-adjusted 5.2% in February, compared with 4.8% in January and 5.0% in December.  Mexican unemployment is still well below its cycle peak of approximately 6.0% in mid-2009, but the February figure was the highest since last September.  The report was released today by INEGI, the official statistics agency.

Comment:  Mexico's unemployment rate can be volatile, and ever since the country's economic recovery began in 2009, there have been periods where the rate showed big increases or decreases, only to revert back to a slow downward trend.  This does not appear to be a mere imperfection in the statistical methodology.  Joblessness in Mexico probably did jump in February, since a recent report showed consumer confidence declined in the same month.  In general, however, the labor market still seems to be improving.  Because the economy is growing faster than normal, joblessness in Mexico will probably continue to decline gradually in the coming months.

Patrick Fearon, CFA
Vice President, Fund Management

                                           Mexico's Unemployment Rate
                                            Seasonally Adjusted, Percent
                                                         Source:  INEGI
Unemployment 1202

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