Speed informality labor force in Mexico and unemployment increased in October for the second month in a row, according to data National Institute of Statistics and Geography (Inegi).
According to National Survey of Employment and Employment (ENOE), In the tenth month of the year, there were 32.9 million people working in informal employment. Thus, the level of informal employment in the country amounted to 55.4% of those employed.
This figure remained unchanged compared to the same period in 2022. It was also higher than in September, when there were 32.1 million such workers, and August, when 32.7 million people were registered.
In turn, the unemployment rate in Mexico in October last year was 2.7%. economically active population (EAP)implying a monthly decline for the third consecutive period.
This figure is lower than the 2.9% rate in September and 3% in August and July. Likewise, it was 0.6 percentage points lower than the same month a year earlier.
The total unemployed population (counts those who do not work but are looking for work) amounted to 1.7 million people, an annual decrease of 316 thousand, Inegi reported.
Employment overview
According to the organization, the EAP for the tenth month of the year was 61.1 million people aged 15 years and older, representing a participation rate of 60.5% and an active population 676 thousand higher than in October 2022.
Compared to August, this figure did not change, that is, it remained below the level recorded in June, when it was 61.4 million people (60.9%).
EAP employed 59.4 million people (97.3%) in October, up 1 million from the same month a year earlier and topping September’s 59.1 million.
The number of underemployed people, that is, those who said they have the need and ability to work more hours, was 4.7 million people, or 7.9% of the employed population. The figure remained unchanged compared to the previous month.
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When dividing the employed population by sector of activity, 43.9% of the total was in the services sector, while trade was concentrated at 19.8%, manufacturing – 15.6%, agricultural activities – 11.3% and construction – 8.1 %.
While 0.7% were engaged in “other economic activities,” which include mining, electricity, water and gas supply, and another 0.7% did not specify the type of activity.
Employment rates for men and women
By gender, the number of female EAP members in October was 24,553,276, of whom 23,913,739 were employed and 639,537 were unemployed. The rate of women’s participation in economic life was 45.8%.
In turn, the male figure was 36 million 534 thousand 683, of which 35 million 496 thousand 747 were employed and 1 million 37 thousand 936 were unemployed. This represents an economic participation rate of 77.1% among working age men.
Source: Aristegui Noticias
Roy Brown is a renowned economist and author at The Nation View. He has a deep understanding of the global economy and its intricacies. He writes about a wide range of economic topics, including monetary policy, fiscal policy, international trade, and labor markets.
