MexECON Blog

February Unemployment Unchanged at 4.5 Percent

Mexico's February unemployment rate came in at a seasonally-adjusted 4.5%, unchanged from the revised January figure.  So far in 2015, joblessness in Mexico is running slightly ahead of the 4.4% rate registered in the final month of 2014, but it remains well below its most recent peak of 5.1% last July.

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

Comment:  In spite of its modest rebound in 2015, unemployment in Mexico remains significantly lower than it was in mid-2014.  That mostly reflects the continued strength in Mexican manufacturing and the ongoing recovery in the country's construction sector.  Joblessness would still need to fall much further to reach the low levels prevailing before the 2008-2009 recession, and falling unemployment still has yet to significantly boost wages.  Nevertheless, the recent improvement should encourage stronger consumer spending and support decent economic growth in the coming months.

Patrick Fearon, CFA
Portfolio Manager

Unemployment 1502

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