Unemployment rate in Mexico falls to 2.7% in June

In June, Mexico’s unemployment rate fell to 2.7% of the economically active population (EAP), as reported by the National Institute of Statistics and Geography (Inegi).

This figure is lower than the 3.4% index of June 2022 and the 2.9% of May this year.

The unemployed population was approximately 1.6 million, a decrease of 391,000 people compared to June 2022.

The EAP in June was 60.3 million individuals aged 15 and above, indicating a participation rate of 60.1%, an increase of 859,000 from June 2022.

Out of the EAP, 58.7 million were employed in June, an increase of 1.3 million from the same month in the previous year.

The number of underemployed individuals – those seeking more work hours – was 4.6 million, or 7.9% of the employed population, a decrease of 495,000 compared to June 2022.

In terms of sectors and informality, informal workers in June totalled 32.6 million, reducing the informality rate to 55.5%, 0.4 percentage points lower than a year before.

Jobs were distributed as follows: 43.5% in services, 19.5% in commerce, 16.7% in manufacturing, 11.1% in agriculture, and 7.8% in construction.

The female EAP in June was 24.58 million and the male EAP 35.68 million, with an economic participation rate of 46% for working-age women and 76.2% for men.

These employment figures reflect Mexico’s economic performance, with a Gross Domestic Product (GDP) growth of 3.7% year-on-year and 1% quarterly in the first quarter of 2023, according to the definitive figures from Inegi.