Rising unemployment in Mexico at the beginning of 2024: Inegi

Cups unemployment grew up in Mexico in January 2024, and informal employment decreased, data National Institute of Statistics and Geography (Inegi).

According to National Survey of Employment and Employment (ENOE)In the first month of the year, there were 31.9 million people in informal employment. Thus, the level of informal employment in the country amounted to 54.1% of those employed.

This figure decreased by 0.7% compared to the same period in 2023. It was also lower than in December last year, when the number of such workers was 31.7 million.

In turn, the unemployment rate in Mexico in January last year was 2.9% of the economically active population (EAP).

This figure was 0.1 percentage point lower than in the same period a year earlier, which means a decrease of 75 thousand people. In contrast, it was higher than the 2.6% recorded in the previous month.

The total unemployed population (counting those who do not work but are looking for work) amounted to 1.7 million people, Inegi reported.

General overview of employment in Mexico

According to the organization, the EAP for the first month of 2024 was 60.6 million people aged 15 years and older, representing a participation rate of 59.8% and an active population 478 thousand higher than in January 2023.

During the period, 58.9 million people (97.1%) were employed in the EP, which is 552 thousand more than during the same period in 2023.

The underemployed, that is, those who said they have the need and ability to work more hours, numbered 4.2 million, or 7.1% of the employed population. Compared to the same period a year earlier, this figure decreased by 314 thousand.

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When dividing the employed population by sector of activity, 44.5% of the total was in the service sector, while trade was concentrated at 19.4%, manufacturing at 15.7%, agriculture at 11.1%, and construction at 8%.

While 0.7% were employed in “other economic activities”, which include mining, electricity, water and gas supply, and another 0.6% did not indicate the type of activity.

Employment rates for men and women

By gender, the female EAP in January amounted to 24 million 464 thousand 289 people, of which 23 million 750 thousand 285 were employed and 714 thousand were unemployed. The rate of women’s participation in economic life was 45.5%.

In turn, the male figure was 36 million 177 thousand 647 people, of which 35 million 161 thousand 522 were employed and 1 million 16 thousand 125 were unemployed. This represents an economic participation rate of 75.9% among working age men.

Source: Aristegui Noticias