Weekly Report - 31 May 2018 (WR-18-21)

MEXICO | Unemployment. On 21 May Mexico’s national statistics institute (Inegi) released new figures which show that the national unemployment rate in April was 3.4% of the economically active population, up from 3.39% registered the previous month. Despite the marginal month-on-month increase in the unemployment rate, the April unemployment rate is identical to that registered in April 2017. This appears to suggest that the local domestic market is becoming stagnant. Yet the figures from Mexico’s social security institute (IMSS) show that the number of formal jobs - those registered with the IMSS - created in April was 87,109, a 255.5% increase compared with the number of formal jobs created in the same month of 2017. The increase in formal job creation was also accompanied by a reduction in the informal employment rate, which fell to 56.6% in April compared to the previous month on Inegi figures. Meanwhile the Inegi figures show that underemployment rate, the proportion of people who want to work more hours than they currently do, was 6.9% in April. This represented a fall of 0.4 percentage points compared to the underemployment rate registered in March, which again shows that demand for labour remains strong in the country. According to Inegi, the states with the highest levels of unemployment in April were Tabasco (6.8%), Estado de México (4.4%), and Mexico City (4.3%).

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