Unemployment rate in Mexico drops to 2.9 percent in September
Date
11/3/2024 7:44:49 AM
(MENAFN) Mexico's unemployment rate showed a promising decline in September, dropping to 2.9 percent, as reported by the National Institute of Statistics and Geography (INEGI). This figure is not only an improvement over the previous month's rate of 3 percent but also surpasses market expectations, which had forecasted a steady unemployment rate of 3 percent. The decrease of 0.1 percentage point signals a favorable shift in the labor market dynamics of the country.
In terms of the overall labor force, INEGI indicated that the economically active population reached 61.2 million in September. Within this group, an impressive 59.4 million people were employed, representing 97.1 percent of those in the labor force. This figure reflects a year-over-year increase of 335,000 employed individuals compared to September 2023, underscoring a notable growth trend in job creation across various sectors.
The number of unemployed individuals stood at 1.8 million, aligning with the overall unemployment rate of 2.9 percent relative to the economically active population. This consistency in unemployment figures, paired with the substantial increase in employment, suggests that Mexico is on a positive trajectory toward economic recovery and stability in the labor market.
Overall, these statistics illustrate a robust labor market environment in Mexico, with increasing employment opportunities and a declining unemployment rate. As the country continues to navigate economic challenges, these developments reflect a strengthening workforce that could contribute to broader economic growth in the coming months.
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