Directly accessible data for 170 industries from 50 countries and over 1 million facts: Get quick analyses with our professional research service. Unemployment Rate in Mexico increased to 3 % in January 2023. In the third quarter of 2022, the Mexican economy grew 4.3% year over year (YoY), a number that doubled expectations at a time when the world economy is decelerating.1 This uptick in growth saw the GDP reaching 18.4 billion pesos (920 billion US dollars), the same level registered in the fourth quarter of 2019, prior to the onset of the pandemic. Unemployment rate in Mexico in the 2nd quarter 2022, by federal entity [Graph]. Please enable JavaScript to view the site. Rahim Volkov, by These developments put upward pressure on both producer and consumer prices. On the upside, manufacturing activity and foreign investment could accelerate in the wake of nearshoring. Among New Mexico counties, Luna County fared the worst with an 11.1% jobless rate up significantly from the 9.4% rate it posted in October. WalletHub findings show New Mexico the state's unemployment rate is nearly 10% more than the same week last year and 92% lower than the same week pre-pandemic. The female population went from 881 to 842 thousand people in the same period." Unemployment in Mexico continues to fall. Distribution of the workforce across economic sectors in Mexico 2019, Mexico: open unemployment rate per month after COVID-19 2020, Mexico: adults who lost their job due to COVID-19. He worked for both the Mexican and Argentine governments for more than 10 years, in the areas of macroeconomics, competitiveness, and finance. This Tuesday, INEGI said regarding its October 2022 National Occupation and Employment Survey that the unemployed population was two million people, representinga decrease of 324 thousand people compared to October 2021. "Projections suggest that the unemployment rate in Mexico in 4Q2022 will be 0.5 points higher than before the start of the pandemic," the Organization for Economic Co-operation and Development (OECD) reported in its 'Employment Outlook 2021' analysis. Hope King, Climate change is a secret driver of inflation, Axios, August 18, 2022. "Mexico: Unemployment rate from 1999 to 2021." Albuquerque, NM; Farmington, NM; Las Cruces, NM Reporting by Anthony Esposito; Editing by Sonya Hepinstall. In August 2022, Mexico's unemployment rate stood at 3.53 percent, continuing the upward trend experienced in the North American country since March of that . statistic alerts) please log in with your personal account. Directly accessible data for 170 industries from 50 countries and over 1 million facts: Get quick analyses with our professional research service. He holds a PhD in development economics from the Graduate Institute of Geneva and an MSc from the London School of Economics. Directly accessible data for 170 industries from 50 countries and over 1 million facts: Get quick analyses with our professional research service. At Deloitte, our purpose is to make an impact that matters by creating trust and confidence in a more equitable society. See here for a complete list of exchanges and delays. In total, the youth unemployment rate declined to 7.87 percent in 2021. API users can feed a custom application. Mexico Unemployment (% of active population, aop) The economy expanded 0.5% quarter on quarter in Q4 according to a second data release, marginally above the flash estimate. In closing, Mexico has a golden opportunity in the form of nearshoring, as it could drive investments, exports, and overall economic growth, especially in the manufacturing sector. During the second quarter of 2021, inflation breached the Bank of Mexicos (Banxicos) target inflation range of 3%. New Mexico was tied for the 37 th spot in the national unemployment rankings in October with Arizona, California and West Virginia. The report also states 68. During December, the population employed in working days of 35 to 48 hours a week increased by 424,000 people. Mexico Inflation. Inflation fell from 7.9% in January to 7.6% in February, but remained above the Central Bank's 2.0-4.0% target range. In, INEGI. Please check your download folder. All quotes delayed a minimum of 15 minutes. To use individual functions (e.g., mark statistics as favourites, set See something interesting? Use this code to embed the country dashboard into your website. However, the pace of this downward trajectory will be gradual and subject to risks. Similarly, the global chip shortage made electronic devices12 and automobiles more expensive. October 22, 2021. "Unemployed population as share of economically active population in Mexico from January 2019 to September 2021." Profit from the additional features of your individual account. . Publications range from in-depth reports and thought leadership examining critical issues to executive briefs aimed at keeping Deloittes top management and partners abreast of topical issues. Unemployment rate in Mexico Q2 2022, by state Published by Teresa Romero , Oct 19, 2022 In the second quarter of 2022, the south-eastern state of Tabasco was the Mexican federal entity with the. Please do not hesitate to contact me. Mara Jos Goytia, US, Canada Request Consultations with Mexico under USMCA, Mexico Business News, July 22, 2022. This figure implied a participation rate of 60.7 percent. Although the main manufacturing product in Mexico is motor vehicles and parts (it is still 3% below prepandemic levels), the manufacturing sectors that are driving growth this time around include electrical equipment (22% above January 2020), computer and electronic products (+13.2%), and plastics (+15.6%). Certain services may not be available to attest clients under the rules and regulations of public accounting. Trading Economics members can view, download and compare data from nearly 200 countries, including more than 20 million economic indicators, exchange rates, government bond yields, stock indexes and commodity prices. The maximum rate was 97.23 % and minimum was 93.58 %. Mexico unemployment rate for 2021 was 4.38%, a 0.07% decline from 2020. Mexico's gross domestic product (GDP) grew at an annualized 6.1 percent in second quarter 2021, faster than first-quarter growth of 3.1 percent. Statista. Explore Deloitte University like never before through a cinematic movie trailer and films of popular locations throughout Deloitte University. 25.6 % of disposable income. Show publisher information New Mexico's seasonally adjusted unemployment rate in January remained flat, hovering at 3.5%, according to state Department of Workforce Solutions data released on Monday. The unemployment rate was slightly higher than the previously recorded month in December 2021, when about 5.8 percent of the state's workforce remained jobless. Learn more about how Statista can support your business. Business Solutions including all features. At the same time, the economically active population rose by 2 million persons to 60.6 million, which resulted in a participation rate of 60.8 percent. This means that companies have been involved in significant acquisitions of capital goods to increase their production. "The unemployed male population went from 1.4 to 1.2 million people from October 2021 to October 2022. NAPS, Nearshore manufacturing: What U.S. companies moving to Mexico need to know, April 22, 2022. He is also in charge of all the databases. Currently, you are using a shared account. For example, for restaurants and other related sectors, inflation ended 2020 at an annual rate of 3.9%, which rose to 6.6% by the end of 2021, and by September 2022, it had reached 10%. Several factors have led companies to establish resources in Mexico to serve the US market,18 including lower transportation and labor costs. If you are an admin, please authenticate by logging in again. The unemployed population decreased by 0.333 million to 1.8 million, while those employed increased by 2.8 million to 58.4 million persons. World Bank. As of August 2022, investment in machinery and equipment in Mexico was already 17.4% above levels seen in January 2020, that is, just before the pandemic hit, and 8.3% higher than in the fourth quarter of 2018, when investments reached their peak. Accessed March 18, 2023. https://www.statista.com/statistics/1108285/mexico-monthly-unemployment-rate/, INEGI. Irish Examiner, World food prices eased in October despite uncertainty over Ukraine grain shipments, November 4, 2022. However, another factor has played a role in this: nearshoring. Get full access to all features within our Business Solutions. ", INEGI includes in this population "those who are vulnerable due to the nature of the economic unit for which they work, as well as people whose labor link or dependency does not recognize their source of work. As mentioned earlier in the article, Mexicos manufacturing activities have grown significantly, bolstered by improving trade conditions and resilient US demand. See Terms of Use for more information. Cultivating a sustainable and prosperous future, Real-world client stories of purpose and impact, Key opportunities, trends, and challenges, Go straight to smart with daily updates on your mobile device, See what's happening this week and the impact on your business. See how we connect, collaborate, and drive impact across various locations. "Unemployed Population as Share of Economically Active Population in Mexico from January 2019 to September 2021. 3) The Russia-Ukraine conflict keeps going, which may still have a negative impact on agricultural and livestock product prices and on energy prices. INEGI. The 2023 budget dedicates approximately half of its programmable expenditure to social spending and priority investment projects. Trading Economics welcomes candidates from around the world. June's unemployment rate was 4.0 percent, slightly lower than the unemployment rate of 4.1 percent in May. The dashboard should have a minimum width of 768px to be displayed properly. The unemployment rate was 2.99 % (1.8M people), which implied a decrease of 0.44 percentage points compared to the previous quarter (3.43%). This phenomenon is being witnessed all around the world as higher input prices have pushed the costs of final goods.10 In Mexico, although most of the inflationary pressures come from abroad, there are also internal factors that have influenced inflations upward trajectory. February 2023 Data - 1994-2022 Historical - March Forecast, Instituto Nacional de Estadstica y Geografa (INEGI), Mexican Peso Weakens Sharply Against the Dollar, Mexico Industrial Output Rises More than Expected, Mexico Inflation Rate Drops to Near 1-Year Low, Mexican Consumer Confidence at 15-Month High, Mexico Private Investment Growth Tops Forecasts, Mexico Jobless Rate Falls to 3% in January, Below Estimates, Mexico Factory Activity Recovers in February, Mexico Current Account Surplus Widens in Q4, Wall Street Rattles As First Republic Sinks, Spain Stocks Weekly Decline Largest in Over a Year, French Stocks End in the Red, Book Weekly Loss, European Stocks End Week on Negative Note, South African Stocks End Lower, Post Sharp Weekly Loss, FTSE 100 Closes Near Four-Month Lows, Posts Sharpest Weekly Decline Since February 2022. Mexico unemployment rate for 2020 was 4.45%, a 0.97% increase from 2019. That number left the state tied for 27 th place in the national rankings, as the jobless rate in New Mexico was just a tick higher than the U.S. rate of 3.4%, which was the lowest rate registered . RELATED: Thousands of Mexicans March To Show Their Support for the Government, "The unemployed population was 2 million people and the Unemployment Rate was 3.3 percent of the Economically Active Population (EAP)," INEGI said, noting that compared to October last year, "the unemployed population decreased by 324 thousand people and the Unemployment Rate was lower by 0.6 percentage points. Is to make an impact that matters by creating trust and confidence in a more equitable society U.S...., inflation breached the Bank of Mexicos ( Banxicos ) target inflation range of 3 % under,. April 22, 2022 like never before through a cinematic movie trailer and films popular. Rahim Volkov, by These developments put upward pressure on both producer and prices... 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