LatinNews Daily - 03 July 2023

In brief: Unemployment in Mexico continues to drop year-on-year

* Mexico’s national statistics institute (Inegi) has published new figures which show that the unemployment rate stood at 2.9% of the economically active population – people over the age of 15 who are employed or seeking employment – in May 2023, equating to 1.8m people. In monthly terms, the unemployment rate increased by 0.1 percentage points on seasonally adjusted figures. Year-on-year, the rate dropped by 0.3 percentage points in comparison with May 2022. According to Inegi, the number of people in Mexico’s economically active population who were employed in May 2023 equalled 58.3m, up 1.1m on the same month of 2022. Of the employed population, 4.7m or 8.1% were underemployed, meaning they had the capacity and need for more work. This represented a decrease of 132,000 people compared to May 2022. Inegi also noted that the number of people employed in the informal sector totalled 32.1m, equivalent to 55.2% of the employed population – a decrease of 0.4 percentage points compared with May 2022.

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