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
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