unemployment rate in mexico
The population employed in labor informality was 32.4 million people. Chart. Copy a customized link that shows your highlighted text. World Bank. Unemployment rate in Mexico in the 2nd quarter 2022, by federal entity [Graph]. 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If this downward trajectory of inflation is fulfilled, the Bank of Mexico (Banxico) could have space to cut the reference rate as of the second half of 2023 and be able to decouple from the Federal Reserve (FED). Direct access to our data from your apps using any programing language. ", INEGI, Unemployment rate in Mexico in the 2nd quarter 2022, by federal entity Statista, https://www.statista.com/statistics/1339727/unemployment-rate-state-mexico/ (last visited March 18, 2023), Unemployment rate in Mexico in the 2nd quarter 2022, by federal entity [Graph], INEGI, August 18, 2022. The unemployment rate stood at 3.3% in October, 0.6% lower than the same period last year; registering 2 million unemployed. Please check your download folder. Reading performance (PISA), Mean score, 2018 "Mexico: Unemployment Rate from 1999 to 2021. Show publisher information 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. 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. Please do not hesitate to contact me. Number of Employed Persons in Mexico increased to 58349352 Person (58.349 Million Person) in the forth quarter of 2022. Data published Monthly by National Institute of Statistics and Geography. Use Ask Statista Research Service, 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. The Mexican unemployment rate decreased to 2.8 percent in December of 2022 from 3.5 percent in the corresponding period a year ago. Social spending imperativessuch as subsidies, flagship programs, and pensionswill increase by 30% in real terms in 2023 with respect to 2022, whereas public investment will rise to 3.4% of GDP in 2022 and 3.6% in 2023, the highest since 2016, thus finally coming out of its historical slump. Standard users can export data in a easy to use web interface or using an excel add-in. [Online]. The 2023 budget dedicates approximately half of its programmable expenditure to social spending and priority investment projects. Daniel Zagais the Economic Analysis leader at Deloitte Mexico. The highest unemployment rates were registered in Tabasco, 7.9%; Mexico City, 5.2%; Durango, Mexico, and Tlaxcala, 4.1%. In, World Bank. This means that companies have been involved in significant acquisitions of capital goods to increase their production. (October 22, 2021). Mar. Then you can access your favorite statistics via the star in the header. As mentioned earlier in the article, Mexicos manufacturing activities have grown significantly, bolstered by improving trade conditions and resilient US demand. The statistics agency stressed that workers are not being paid during the work suspension, nor are they guaranteed to get their jobs back once lockdown measures are lifted. He is currently part of the Econosignal team in Mexico as a support of macroeconomic reports. Income inequality, 0 = complete equality; 1 = complete inequality, latest available year, Mathematics performance (PISA), Mean score, 2018 Download Historical Data Save as Image From: To: Zoom: On Monday, the New Mexico Department of Workforce Solutions released January's unemployment. Get full access to all features within our Business Solutions. Then you can access your favorite statistics via the star in the header. Please enable JavaScript to view the site. In this way, the employed population decreased by 95,020 people compared to the previous month, to add a total of 52,839,287. All quotes delayed a minimum of 15 minutes. If you use our chart images on your site or blog, we ask that you provide attribution via a link back to this page. Statista. June's unemployment rate was 4.0 percent, slightly lower than the unemployment rate of 4.1 percent in May. 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. . August 18, 2022. He holds a masters degree in economic development from the Universidad Nacional Autnoma de Mxico (UNAM). New Mexico was tied for the 37 th spot in the national unemployment rankings in October with Arizona, California and West Virginia. The underemployed, which INEGI considers as "those who reported the need and willingness to work more hours," were 4.4 million or 7.5 percent of the employed population. Use Ask Statista Research Service. Current job openings: Download historical data for 20 million indicators using your browser. Inflation is expected to come down in 2023from 8.5% at end-2022 to 5.0% at end-2023. December 22, 2022. 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. INEGI. Although that figure is far below the unemployment indexes in the rest of Latin America, the European Union, the United States and much of Asia, Mexico faces a serious problem generating jobs. 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. Compared to the previous year, October 2022 saw a 0.6 percent decrease in the Unemployment Rate of the Economically Active Population, according to the National Institute of Statistics and Geography (INEGI). Use Ask Statista Research Service, COVID-19 vaccine dose rate worldwide by select country or territory February 20, 2023, Coronavirus (COVID-19) cases, recoveries, and deaths worldwide as of Feb. 28, 2023, COVID-19 cases in Latin America 2023, by country, Cumulative cases of COVID-19 worldwide from Jan. 22, 2020 to Feb. 26, 2023, by day. Facebook: quarterly number of MAU (monthly active users) worldwide 2008-2022, Quarterly smartphone market share worldwide by vendor 2009-2022, Number of apps available in leading app stores Q3 2022, Profit from additional features with an Employee Account. 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 . 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%). However, the pace of this downward trajectory will be gradual and subject to risks. He has experience in macroeconomic variable analysis, as in the financial and fiscal areas. Focus Economics, Mexico: Merchandise exports gain steam in August, September 27, 2022. Overview and forecasts on trending topics, Industry and market insights and forecasts, Key figures and rankings about companies and products, Consumer and brand insights and preferences in various industries, Detailed information about political and social topics, All key figures about countries and regions, Market forecast and expert KPIs for 600+ segments in 150+ countries, Insights on consumer attitudes and behavior worldwide, Business information on 70m+ public and private companies, Detailed information for 35,000+ online stores and marketplaces. He is passionate about impact evaluation, development economics, and macroeconomic analysis. 4) The expected slowdown in the United States5 will weigh heavily on Mexico, given the strong trade and investment links between the two countries. In the first phase of the pandemic, the demand for goods soared and for services collapsed. BBVA Research, Mexico | Inflation 2021, how it affects and what can be done, April 12, 2022. Several factors have led companies to establish resources in Mexico to serve the US market,18 including lower transportation and labor costs. Accessed March 18, 2023. https://www.statista.com/statistics/1108285/mexico-monthly-unemployment-rate/, INEGI. Also, employment has increased significantly in the north and center-north of the country, where most of the manufacturing is based. Irish Examiner, World food prices eased in October despite uncertainty over Ukraine grain shipments, November 4, 2022. to receive more business insights, analysis, and perspectives from Deloitte Insights. New Mexico includes the following metropolitan areas for which an Economy At A Glance table is available:. 2) The decrease in international food prices has started to feed through.16 3) The expected economic slowdown will help reduce demand-side pressures. "This population is 1.7 million more than in October 2021.". Finally, the reactivation of services in the country and the relaxed travel restrictions caused a sudden surge in tourism-related services (flights, hotels, travel packages) (figure 5). Another factor supporting the significant recovery in manufacturing is the foreign direct investment (FDI). As a result, services related to food increased their prices, creating a spiral that has spread from production costs to the final consumer. Explore Deloitte University like never before through a cinematic movie trailer and films of popular locations throughout Deloitte University. The National Survey of Occupation and Employment (ENOE) applies to household members of a home selected by sampling techniques. Data refer to place of residence. The Mexican policymakers recently approved the 2023 budget criteria, where they also refreshed the outlook for 2022.7 The budget continues to favor fiscal austerity, aiming to deliver a largely balanced primary budget of 0.1% of the GDP for this year and a small deficit of 0.2% for 2023 (figure 3). Chart. ", 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. During the last six meetings, Banxico has replicated the increases made by the FED and we expect it to continue doing so at least until the first quarter of 2023. Mexico's economy has developed and improved over the. However, it is still 35% below the Q4 2018 levels. Use this code to embed the visualisation into your website. 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. However, another factor has played a role in this: nearshoring. This implies that industrial plants and warehouses that are already installed in Mexico continue to invest further, but the expansion of plants or the installation of new ones is more limited. The best of the best: the portal for top lists & rankings: Strategy and business building for the data-driven economy: Show sources information Please create an employee account to be able to mark statistics as favorites. Santiago Acosta-Ormaechea et al., Latin America faces a third shock as global financial conditions tighten, October 13, 2022. At the same time, the economically active population rose by 580 thousand persons to 59.6 million, which resulted in a participation rate of 59.7 percent. The maximum rate was 6.42 % and minimum was 2.22 %. 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. The share of urban open unemployment among those aged 15 to 24 years peaked in 2020 at 11.9 percent. As of Q2 2022, manufacturing production in Baja California was almost 30% above its 5-year average (2015-2019); in Chihuahua it was 18% higher; in Sinaloa 17% higher, and in Nuevo Leon and Michoacan it was 16% higher. 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. Advanced users can use our Python/R/Matlab packages. statistic alerts) please log in with your personal account. Note: Rates shown are a percentage of the labor force. She is also a senior economist at D.Econosignal, Mexico. statistic alerts) please log in with your personal account. (December 22, 2022). The Employed Population reached 58.4 million people, representing 96.7 percent of the EAP, according to INEGI this sector is a percentage of the population 15 years old and over. Switch to the accessible table representation. Mexico Inflation. The market consensus for Mexicos economic growth in 2023 currently is merely 1%. Data published Monthly by National Institute of Statistics and Geography. "Unemployment Rate in Mexico in The 2nd Quarter 2022, by Federal Entity. Currently, you are using a shared account. Although austerity measures are serving Mexico well in a postpandemic world where countries face higher debt and interest burdens,6 the administrations policy priorities and its optimistic economic growth forecasts for 2023 are concerning. 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%. In the fourth quarter of 2022, the labor participation rate in Ciudad de Mxico was 62.6%, which implied an increase of 1.58 percentage points compared to the previous quarter (61%). 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. "Monthly Unemployment Rate in Mexico from January 2020 to August 2022. Our main assumptions for 2023 are as follows: 1) Inflation will continue its downward trend but will remain above 4% throughout the year, eroding households purchasing power and lifting input costs for businesses. "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. Over the last five years, the official unemployment rate in Mexican cities has grown by 0.72% to reach 3.8%. ", INEGI considers the unemployed population as those who "did not work even one hour during the reference week of the survey, but expressed their willingness to do so and carried out some activity to obtain employment. The calendard adjusted figures are adjusted for Easter. In June 2020, just a few. Get full access to all features within our Business Solutions. Currently, you are using a shared account. We have provided a few examples below that you can copy and paste to your site: Your data export is now complete. Your email has been successfully registered. Since 2021, FDI has been increasing in specific states and sectors of the economy, especially in the cities bordering the United States (Figure 7). Panelists see inflation declining steadily in the coming quarters on a tough base of comparison, restrictive monetary conditions and milder external price pressures, but staying above target throughout the . The Deloitte Global Economist Network is a diverse group of economists that produce relevant, interesting and thought-provoking content for external and internal audiences. Are you interested in testing our business solutions? Unemployment rate in Mexico 2020-2022. Get the Deloitte Insights app, Change your Analytics and performance cookie settings, Latest global growth forecasts show challenges facing economies, Record-breaking job growth registered in October, Remittances to Mexico again break record on back of strong U.S. labor market, Mexico: Merchandise exports gain steam in August, Policymakers need steady hand as storm clouds gather over global economy, Latin America faces a third shock as global financial conditions tighten, Mexico budget GDP assumptions optimistic, revenue forecasts more prudent, US, Canada Request Consultations with Mexico under USMCA, Global inflation may be close to its peak, IMF director says, Mexico | Inflation 2021, how it affects and what can be done, Electronics are set to get even more expensive as chip giants hike their prices, The supply of critical raw materials endangered by Russias war on Ukraine, No end in sight yet for the global food price crisis, Prices falling as global supply chain problems ease on lower demand, World food prices eased in October despite uncertainty over Ukraine grain shipments, Climate change is a secret driver of inflation, Nearshore manufacturing: What U.S. companies moving to Mexico need to know, Do Not Sell or Share My Personal Information. In Mexico, the unemployment rate measures the number of people actively looking for a job as a percentage of the labour force. Directly accessible data for 170 industries from 50 countries and over 1 million facts: Get quick analyses with our professional research service. Please create an employee account to be able to mark statistics as favorites. 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. These benefits are financed through employers' payroll tax contributions. Please do not hesitate to contact me. Profit from the additional features of your individual account. The New Mexico Department of Workforce Solutions is a World-Class, market-driven workforce delivery system that prepares New Mexico job seekers to meet current and emerging needs of New Mexico businesses; and insures that every New Mexico citizen who needs a job will have one; and every business who needs an employee will find one with the necessary skills and work readiness to allow New . 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. After comparing the November-December 2018's unemployment rate, this has higher than the one from the same period in 2017, which was 7%. The maximum rate was 6.42 % and minimum was 2.22 %. Chart. Figures have been rounded. Reuters, Remittances to Mexico again break record on back of strong U.S. labor market, September 2, 2022. Profit from the additional features of your individual account. During the second quarter of 2021, inflation breached the Bank of Mexicos (Banxicos) target inflation range of 3%. Mexicos economy has been hammered by the pandemic, with the International Monetary Fund (IMF) predicting the countrys gross domestic product could shrink by up to 10.5% this year, in what would be its biggest decline since the 1930s. General government debt, % of GDP, 2021, Household debt: The Mexican currency averaged 20.0 pesos per . The youth unemployment rate in Mexico decreased by 0.2 percentage points in 2021 in comparison to the previous year. Are you interested in testing our business solutions? "This is a 1.9 million fewer people than in October 2021. Business Solutions including all features. Then, as countries eased mobility restrictions, the demand for services recovered, but the demand for goods remained high. Economic Analysis Director | Deloitte Spanish LATAM, Telecommunications, Media & Entertainment, Go straight to smart. Overview and forecasts on trending topics, Industry and market insights and forecasts, Key figures and rankings about companies and products, Consumer and brand insights and preferences in various industries, Detailed information about political and social topics, All key figures about countries and regions, Market forecast and expert KPIs for 600+ segments in 150+ countries, Insights on consumer attitudes and behavior worldwide, Business information on 70m+ public and private companies, Detailed information for 35,000+ online stores and marketplaces. 20 million indicators using your browser to 58.4 million persons current job openings: Download data. Those employed increased by 2.8 million to 1.8 million, while those increased... Or using an excel add-in is still 35 % below the Q4 2018 levels, it is still %. Your highlighted text debt, % of GDP, 2021, household debt: the unemployment... Inflation range of 3 % resilient US demand years, the demand for goods high... 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