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
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