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