Skip to content Mexican Unemployment Rate: December 28-2023
Reuters – In November 2023, Mexico’s unemployment rate remained consistent at 2.7%. This rate matches the four-month low set in the previous month and is slightly lower than the 2.9% seen in the same period last year. This stability in the Mexican Unemployment Rate signifies a continued tightness in the job market.
Interestingly, the total number of unemployed individuals in Mexico dropped to 1,621,938, a decrease of 84,166 from the previous year. Conversely, the number of employed people saw a significant rise, reaching 58,168,420 – an increase of 910,874. These changes reflect a dynamic and evolving job market.
Moreover, there was an increase in the labor force, with 826,708 more people, totaling 59,790,358. This change led to a slight uptick in the labor force participation rate, which now stands at 61%. This is a 0.2 percentage-point increase.
Stable Mexican Unemployment Rate Spurs Economic Growth
The steadiness of the Mexican Unemployment Rate has broader implications. It gives the central bank more room to maintain its hawkish policy. This means the bank can continue with policies aimed at controlling inflation and stimulating economic growth without the immediate worry of increasing unemployment.
Overall, the consistent Mexican Unemployment Rate and the growing labor force indicate a robust employment scenario. This stability plays a crucial role in shaping economic policies and impacts the market significantly, reflecting a positive trend in Mexico’s economy.
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