MexECON Blog

May Unemployment Rises Slightly

Mexico's May unemployment rate rose to a seasonally-adjusted 4.4%, after two straight months at a multi-year low of 4.3%.  Despite the rise in May, the rate of joblessness is still no higher than its six-month moving average.

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

Comment:  The Mexican labor market remains much stronger than it was last year at this time, in spite of the small uptick in unemployment during May.  Importantly, hiring has held up even against a backdrop of softer exports, manufacturing, and construction in recent months.  The result has been an uptrend in consumer confidence and stronger consumption spending.  There seems to be plenty of room for further improvement in the consumer sector, so I am optimistic that the Mexican economy can keep growing at least moderately.

Patrick Fearon, CFA
Portfolio Manager

Unemployment 1505

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