MexECON Blog

November Unemployment Flat at 4.7 Percent

Mexico's November unemployment rate came in at a seasonally-adjusted 4.7%, unchanged from October but below the readings of 4.8% in September, 4.9% in August and 5.1% in July.  Unemployment is still running slightly below its six-month moving average.  The rate in October and November was the lowest since November 2013.

The report was released today by INEGI, the official statistics agency.

Comment:  Mexico's job market continues to strengthen, supported mostly by increased exports, manufacturing, and construction.  However, the improvement remains very gradual.  Hiring is picking up enough to prompt stronger consumer confidence and increased consumption demand, which should help keep the overall Mexican economy expanding, but the pace of expansion will likely remain modest.

Patrick Fearon, CFA
Vice President, Fund Management

Unemployment 1411

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