The strength of the Mexican labor market continues to show signs of strength, since during March, the unemployment rate stood at 2.3 percent, from 2.5 percent in February, according to data from the National Institute of Statistics, Geography and Informatics (INEGI).
It’s about the lowest unemployment rate since 2005year in which the records of the National Occupation and Employment Survey (ENOE) begin.
During March, the number of employed people increased by 414 thousand 335 than there were in February, to total 59.82 million workers.
In addition, the percentage of unemployed people decreased by 97,475, from February to March, so now the total of people without a job is 1.40 million.
Regarding complementary rates, it was observed that the underemployment rate fell to 6.5 percent, unchanged, compared to February, but being its lowest level since February 2019.
Until March, the number of underemployed people, which includes those who, despite being in some economic activity, are willing to work longer, was 3.90 million, indicated the INEGI.
What data is available on informal employment?
While the rate of labor informality was 54.3 percent in March, from 54.5 percent in February.
Despite the solidity of job creation, in informality there was a monthly increase of 127,569 people, to total 32.48 million in these working conditions.
Regarding informal jobs, the data from the previous quarter were: it advanced 3.1 percent in the second quarter of this year, and added four quarters below the growth of the total productive activity.
In addition, in the first semester it reported its lowest dynamism since 2020. According to Inegi records, the Gross Value Added (GVA) of the informal economy accumulates an advance of 3.2 percent in the first half of the year, below the 5.5 percent reported in the same period, but from 2022, yeThis is his least progress since the crisis reported by the pandemic.
