MexECON Blog

March Unemployment Rises to 5.0 Percent

Mexico's March unemployment rate rose to a seasonally-adjusted 5.0%, after a revised 4.7% in February and 5.2% in January.  The average rate for the first quarter came to 5.0%, down very slightly from the fourth quarter of 2012 but higher than the third-quarter average of 4.8%.  The report was released today by INEGI, the official statistics agency.

Comment:  Mexican unemployment rose at the end of last year, but it now appears to have stabilized at around 5.0%.  The stability in joblessness reflects the fact that some economic sectors have recently rebounded, while other sectors are cooling.  Mexico's overall growth rate is expected to remain strong enough for unemployment to eventually start falling again.  However, any further reduction in joblessness is likely to be gradual.

Patrick Fearon, CFA
Vice President, Fund Management

                                        Mexico's Unemployment Rate
                                           Seasonally Adjusted, Percent
                                                    Source:  INEGI
Unemployment 1303

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