The unemployment rate in Mexico jumped to 3.9 percent in March of 2021 from 2.9 percent in the corresponding month of the previous year and below market expectations of 4.2 percent, as the coronavirus pandemic continues to erase jobs in most industries. The number of unemployed increased by 493 thousand to 2.2 million while employed fell by 2 million to 53.8 million. Meantime, the labour force decreased by 1.5 million to 56 million. Job losses were primarily observed in services (-2.4 million), namely trade (-782 thousand) and restaurants & hotels (-498 thousand); and in the industrial sector (-315 thousand), mainly manufacturing (-140 thousand) and construction (-124 thousand). On the other hand, the primary sector added 800 thousand jobs. When adjusted for seasonality, the jobless rate was 4.4 percent, easing from 4.5 percent in the prior month. source: Instituto Nacional de Estadística y Geografía (INEGI)
Unemployment Rate in Mexico averaged 3.78 percent from 1994 until 2021, reaching an all time high of 6.42 percent in September of 2009 and a record low of 2.22 percent in March of 1997. This page provides the latest reported value for - Mexico Unemployment Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Mexico Unemployment Rate - data, historical chart, forecasts and calendar of releases - was last updated on April of 2021.
Unemployment Rate in Mexico is expected to be 5.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Unemployment Rate in Mexico to stand at 4.80 in 12 months time. In the long-term, the Mexico Unemployment Rate is projected to trend around 4.50 percent in 2022 and 3.90 percent in 2023, according to our econometric models.