MexECON Blog

August Unemployment Back Down to 4.9 Percent

Mexico's August unemployment rate fell to a seasonally-adjusted 4.9%, much lower than the 5.2% rate in July and back to the same rate as in June.  The rate of joblessness in August was slightly below its six-month moving average of 5.0%.

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

Comment:  Mexican unemployment posted a worrying spike in July, but the drop in August suggests that was just a transitory problem or perhaps an issue with the seasonal adjustment process.  In any case, it appears joblessness may be back on its slow, uneven downward trend, as it has been since about the end of the 2008-2009 recession.  The recent rebound in Mexican exports, manufacturing, and construction will probably help keep unemployment in a slow decline, but the labor market is showing no sign of a sudden, dramatic improvement.

Patrick Fearon, CFA
Vice President, Fund Management

                                            Mexico's Unemployment Rate
                                              Seasonally Adjusted, Percent
                                                      Source:  INEGI
Unemployment 1408

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