Mexico’s Unemployment Rate Drops to 3 Percent

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According to new data from the National Occupation and Employment Survey (ENOE), Mexico’s unemployment rate dropped to 3 percent in August, down from 3.1 percent in July.

The National Institute of Statistics and Geography (Inegi) survey revealed that 118,582 people gained employment throughout August, leaving the total number of unemployed people in Mexico at 1.8 million.

Likewise, the survey demonstrated that 155,417 formal positions were created and 425,062 informal positions were eliminated in August.

The informal labor rate also hit a three-month low, coming in at 55.2 percent last month, while the underemployment rate dropped to 7.9 percent from 8.1 percent in July.

Several sectors eliminated a high number of positions, including 552,308 jobs in the service sector, 371,318 jobs in social services and 332,045 jobs in the agricultural industry. 

Meanwhile,  638,334 jobs were added to the industrial sector in August with concentrations in construction and manufacturing.

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