Please create an employee account to be able to mark statistics as favorites. Please create an employee account to be able to mark statistics as favorites. The ideal entry-level account for individual users. 4) The expected slowdown in the United States5 will weigh heavily on Mexico, given the strong trade and investment links between the two countries. Chart. Data are produced for the United States, statewide New Mexico, the four metropolitan . teleSUR/MS, Get our newsletter delivered directly to your inbox. Currently, you are using a shared account. 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. Then you can access your favorite statistics via the star in the header. New Mexico was tied for the 37 th spot in the national unemployment rankings in October with Arizona, California and West Virginia. The Networks industry and economics expertise allows us to bring sophisticated analysis to complex industry-based questions. 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 . Rahim Volkov, by In 2021, Mexico's unemployment rate was around 4.38 percent. (December 22, 2022). 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. Note: Rates shown are a percentage of the labor force. Organisation for Economic Co-operation and Development, The supply of critical raw materials endangered by Russias war on Ukraine, August 4, 2022. "The unemployed male population went from 1.4 to 1.2 million people from October 2021 to October 2022. Also, the expected tax collection is based on the possibility that the economy will expand 3% in 2023, something that seems difficult to achieve at this stage. The Mexican unemployment rate eased to 3% in January 2023 from 3.7% in the corresponding period a year ago and slightly below market expectations of 3.1%. The unemployment rate for men was 3.9% and 3.7% for women. "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. 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. However, it is still 35% below the Q4 2018 levels. The figure tied. BBVA Research, Mexico | Inflation 2021, how it affects and what can be done, April 12, 2022. 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%). The unemployment rate stood at 3.3% in October, 0.6% lower than the same period last year; registering 2 million unemployed. 2) The decrease in international food prices has started to feed through.16 3) The expected economic slowdown will help reduce demand-side pressures. Daniel Zagais the Economic Analysis leader at Deloitte Mexico. Please enable JavaScript to view the site. However, another factor has played a role in this: nearshoring. ARGENTINA VS BRAZIL VS NORWAY VS DENMARK VS MEXICO VS FINLAND ETC UNEMPLOYMENT COMPARISON #shorts COUNTRIES: ARGENTINA VS BRAZIL VS NORWAY VS DENMARK VS S. by MEXICO CITY (Reuters) - Twelve million Mexicans have lost their jobs since March as part of the economic fallout from the coronavirus, and the number of people working in the informal sector shot up significantly, official data showed on Tuesday. Furthermore, annual average inflation went from 3.4% in 2020 to 5.7% in 2021, reaching a maximum of 7.4% at the end of the year.11. February 2023 Data - 1994-2022 Historical - March Forecast, Instituto Nacional de Estadstica y Geografa (INEGI), Mexican Peso Weakens Sharply Against the Dollar, Mexico Industrial Output Rises More than Expected, Mexico Inflation Rate Drops to Near 1-Year Low, Mexican Consumer Confidence at 15-Month High, Mexico Private Investment Growth Tops Forecasts, Mexico Jobless Rate Falls to 3% in January, Below Estimates, Mexico Factory Activity Recovers in February, Mexico Current Account Surplus Widens in Q4, Wall Street Rattles As First Republic Sinks, Spain Stocks Weekly Decline Largest in Over a Year, French Stocks End in the Red, Book Weekly Loss, European Stocks End Week on Negative Note, South African Stocks End Lower, Post Sharp Weekly Loss, FTSE 100 Closes Near Four-Month Lows, Posts Sharpest Weekly Decline Since February 2022. Employment Ratein Mexico decreased to 97 % in January 2023. Mexico economic outlook, December 2022 has been saved, Mexico economic outlook, December 2022 has been removed, An Article Titled Mexico economic outlook, December 2022 already exists in Saved items. The Mexican currency averaged 20.0 pesos per . As a result, services related to food increased their prices, creating a spiral that has spread from production costs to the final consumer. Please check your download folder. Advanced users can use our Python/R/Matlab packages. Fitch Ratings, Mexico budget GDP assumptions optimistic, revenue forecasts more prudent, September 16, 2022. June's unemployment rate was 4.0 percent, slightly lower than the unemployment rate of 4.1 percent in May. To use individual functions (e.g., mark statistics as favourites, set In fourth quarter of 2022 the States with the highest rates of labor informality in Mexico were Oaxaca (81.2%), Guerrero (79%), . Are you interested in testing our business solutions? Private consumption currently stands 3% above its prepandemic levels (figure 2). Inflation is expected to come down in 2023from 8.5% at end-2022 to 5.0% at end-2023. Also, construction of industrial plants and warehouses grew 12.9% between January to August 2022 compared to the same period in 2021. [Online]. These benefits are financed through employers' payroll tax contributions. Unemployment rate in Mexico 2020-2022. See how we connect, collaborate, and drive impact across various locations. The maximum rate was 97.23 % and minimum was 93.58 %. Find all indicators on Innovation and Technology. Mexico's unemployment rate was 3.53 percent in the second quarter of 2022, which represented a slight decrease compared to the previous quarter. Unemployment refers to the share of the labor force that is without work but available for and seeking employment. Number of Unemployed Persons in Mexico decreased to 1796103 Persons (1.796 Million Persons) in the forth quarter of 2022. Irish Examiner, World food prices eased in October despite uncertainty over Ukraine grain shipments, November 4, 2022. In, INEGI. INEGI. It remained the lowest reading since December 2005, as the employed population increased by 1 million to 57.95 million persons, while those unemployed decreased by 427 thousand to 1.7 million. INEGI. She is also a senior economist at D.Econosignal, Mexico. This boom has resulted in manufacturing activities as a percentage of GDP to reach 16.5% from 15.9% in 2019. Later in the year, we expect a decoupling and anticipated 150 bps in accumulated cuts from Banxico (vs. only 25bps by the Fed), with the rate closing 2023 at 9.25%. The goal will likely be accomplished with higher-than-expected revenues, which will come mainly from higher oil revenues and anti-evasion efforts. 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. Please do not hesitate to contact me. Copy a customized link that shows your highlighted text. Chart. Unemployed population as share of economically active population in Mexico from January 2019 to September 2021 [Graph]. The pandemic caused changes in human activity, as people spent more time at home than outside of it. Mexico Inflation. 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 main attention of policymakers has been focused on price pressures, which are proving quite stubborn. Get full access to all features within our Business Solutions. Cultivating a sustainable and prosperous future, Real-world client stories of purpose and impact, Key opportunities, trends, and challenges, Go straight to smart with daily updates on your mobile device, See what's happening this week and the impact on your business. If you are an admin, please authenticate by logging in again. 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. 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. On the upside: 1) Global supply chains continue to show improvement,15 which has already begun to be reflected in merchandise prices. Mara Jos Goytia, US, Canada Request Consultations with Mexico under USMCA, Mexico Business News, July 22, 2022. At the same time, the economically active population rose by 2 million persons to 60.6 million, which resulted in a participation rate of 60.8 percent. Although this has had a positive effect on consumption, it has also surfaced as a drag on net exports.4. 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. 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. Number of Employed Persons in Mexico increased to 58349352 Person (58.349 Million Person) in the forth quarter of 2022. (August 18, 2022). The maximum rate was 3012574 Persons and minimum was 915418 Persons. He holds a PhD in development economics from the Graduate Institute of Geneva and an MSc from the London School of Economics. October 22, 2021. Nearshoring can also be a driver for Mexico to implement long-due structural changes to its economy, which will help the countrys medium-term growth prospects. Take-profit.org, 2023 | All rights reserved. The start of the war in Ukraine triggered another global supply shock.13 Fuel and food prices, which were already rising, shot up further. Also, services that are highly correlated with international fuel prices (such as airfares) have also seen sharp price increases. Then, as countries eased mobility restrictions, the demand for services recovered, but the demand for goods remained high. Download Historical Data Save as Image From: To: Zoom: These developments put upward pressure on both producer and consumer prices. ", Sign In or Register to leave a comment, use the forums and more, I have already subscribed | Do not show this message again. The new data comes from INEGIs second occupation and employment telephone poll, a temporarily replacement for its regular face-to-face survey, which it suspended while social distancing measures are in place. And a year-over-year comparison. We have a plan for your needs. ", INEGI, Unemployed population as share of economically active population in Mexico from January 2019 to September 2021 Statista, https://www.statista.com/statistics/1108285/mexico-monthly-unemployment-rate/ (last visited March 18, 2023), Unemployed population as share of economically active population in Mexico from January 2019 to September 2021 [Graph], INEGI, October 22, 2021. The number of Mexicans working in the informal sector has risen sharply to 22.6 million people, up 4.1 percentage points in May from April, INEGI said. Data refer to place of residence. Show publisher information In, INEGI. "Monthly Unemployment Rate in Mexico from January 2020 to August 2022. 2) Interest rates will remain high, putting pressure on borrowing costs and dampening private sector credit. In the wake of the pandemic and restrictions on mobility, online sales accelerated sharply (+30% annually in 2021), which led to significant divergence between the consumption of imported goods (+17% annually between January and July 2022) and the consumption of national goods (+2.9% annually). DTTL and each of its member firms are legally separate and independent entities. August 18, 2022. Figures have been rounded. The downward variation of 12 million economically active people compared to March was maintained, due to the temporary work suspension caused by the social distancing measures, INEGI said. That number left the state tied for 27 th place in the national rankings, as the jobless rate in New Mexico was just a tick higher than the U.S. rate of 3.4%, which was the lowest rate registered . statistic alerts) please log in with your personal account. Then you can access your favorite statistics via the star in the header. Show publisher information However, manufacturing and retail trade slipped into contraction, and the business support services . The Unemployment Insurance program, jointly administered by the state of New Mexico and the federal government, pays benefits to people who are out of work through no fault of their own and who meet certain qualifications. DTTL (also referred to as "Deloitte Global") does not provide services to clients. Switch to the accessible table representation. Data published Monthly by National Institute of Statistics and Geography. 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. Available: https://www.statista.com/statistics/1339727/unemployment-rate-state-mexico/, Unemployment rate in Mexico in the 2nd quarter 2022, by federal entity, Share of economically active population in Mexico Q1 2017 - Q2 2022, by gender, Mexico: employed population share by status 2015-2021, Share of employment in the informal sector in Mexico Q1 2019-Q2 2022, by gender, Undergraduate studies with the highest unemployment rate in Mexio 2021, Mexico: economically active population 2013-2022, Number of dismissals in Mexico Q1 2022, by cause, Unemployed population in Mexico Q2 2022, by age, Unemployed population in Mexico Q2 2022, by cause, Unemployed population in Mexico Q2 2022, by time in unemployment, Unemployed population in Mexico Q2 2022, by educational level, Unemployment rate in Mexico Q2 2022, by state, Unemployment rate in Mexico Q1 2019-Q2 2022, by gender, Urban open unemployment rate in Mexico 2000-2020, by years of schooling, Youth unemployment rate in Mexico in 2021, Urban open unemployment rate in Mexico 2004-2020, by age, Youth NEET rate in Mexico 2010-2021, by gender, Monthly change in employment in Mexico 2020-2022, Change in employment compared to pre-pandemic levels in Mexico July 2022, by state, Change in level of employment in Mexico Q1 2020-Q2 2022, by educational level, Change in level of formal and informal employment in Mexico 2020-2022, Unemployment rate in Mexico Q1 2019-Q2 2022, U.S. seasonally adjusted unemployment rate 2021-2023, U.S. youth unemployment rate seasonally adjusted 2021-2023, Unemployment rate in selected world regions 2021, U.S. unadjusted unemployment rate 2021-2023, Unemployment rate of foreigners in Mexico 2021, Monthly surveyed urban unemployment rate in China February 2021-2023, Unemployment rate in Spain 2022, by age group, Youth unemployment rate in selected world regions 2020, Unemployment rate in Latin America and the Caribbean 2001-2021, U.S. monthly state unemployment rate December 2022, Unemployment rate in the EU 2022, by country, Find your information in our database containing over 20,000 reports. September 27, 2022. On Monday, the New Mexico Department of Workforce Solutions released January's unemployment. INEGI. Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee ("DTTL"), its network of member firms, and their related entities. Copy the URL to open this chart with all your selections. If you use our chart images on your site or blog, we ask that you provide attribution via a link back to this page. Although the main manufacturing product in Mexico is motor vehicles and parts (it is still 3% below prepandemic levels), the manufacturing sectors that are driving growth this time around include electrical equipment (22% above January 2020), computer and electronic products (+13.2%), and plastics (+15.6%). The best of the best: the portal for top lists & rankings: Strategy and business building for the data-driven economy: Show sources information The maximum rate was 6.42 % and minimum was 2.22 %. Statista. He is currently part of the Econosignal team in Mexico as a support of macroeconomic reports. "Unemployed population as share of economically active population in Mexico from January 2019 to September 2021." Latest available data for a fixed period, The best of the best: the portal for top lists & rankings: Strategy and business building for the data-driven economy: Show sources information MEXICO CITY (Reuters) - Twelve million Mexicans have lost their jobs since March as part of the economic fallout from the coronavirus, and the number of people working in the informal sector shot. Data published Monthly by National Institute of Statistics and Geography. If you are an admin, please authenticate by logging in again. "This is a 1.9 million fewer people than in October 2021. Guillermo Guerrero is an Economic Analysis Assistant at Deloitte Mexico. "Unemployed Population as Share of Economically Active Population in Mexico from January 2019 to September 2021. In the first phase of the pandemic, the demand for goods soared and for services collapsed. Learn more about how Statista can support your business. He worked for both the Mexican and Argentine governments for more than 10 years, in the areas of macroeconomics, competitiveness, and finance. Organisation for Economic. 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. Statista. It was the lowest reading since December 2005, as the employed population increased by 2.4 million to 58.9 million persons, while those unemployed decreased by 424 thousand to 1.7 million. Potential retaliation of the United States or Canada could hinder Mexican exports to those markets. Organisation for Economic Co-operation and Development (OECD), Per capita, percentage change, previous period, Snapshot of data for a fixed period (data will not change even if updated on the site). Direct access to our data from your apps using any programing language. 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. Peso Holds Steady Against the Dollar. Please do not hesitate to contact me. The economic participation rate was 47.4% in May, national statistics agency INEGI said. ", Contina bajando el #desempleo en Mxico! La tasa de desocupacin se ubic en 3.3% en octubre, 0.6% menos respecto al mismo periodo del ao anterior; registrando 2 millones de personas sin #empleo. ", 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. 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Your apps using any programing language please authenticate by logging in again all your selections a positive effect on,... 4.0 percent, slightly lower than the unemployment rate for men was 3.9 % and minimum was 915418 Persons 1.2! Site: your Image export is now complete statewide New Mexico was tied unemployment rate in mexico! On net exports.4 likely be accomplished with higher-than-expected revenues, which are proving stubborn... More about how Statista can support your Business are produced for the 37 th in. Our newsletter delivered directly to your site: your Image export is now complete, how it affects and can! Analysis to complex industry-based questions States, statewide New Mexico, the supply critical. Unemployed population as share of economically active population in Mexico decreased to 97 % in 2019 will help reduce pressures...