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Unemployment in Mexico dropped to a historic low of 2.3% in March 2024.

In March 2024, only 2.3% of the working-age population actively seeking employment remained unemployed. This level represents the historic minimum for the national unemployment rate.

The unemployment rate in Mexico decreased from 2.5% to 2.3% in March 2024. With this level, unemployment reached its lowest point since records began in the National Occupation and Employment Survey (ENOE) by INEGI.

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The decline in unemployment was accompanied by increased job creation.

In the third month of the year, 414,335 people were added to employment, with the majority joining the formal sector and enjoying good working conditions.

Despite the positive employment results, informal labor persists as one of the major challenges for the labor market.

As of March, 54.3% of working individuals are engaged in informal labor arrangements (without contracts, in unregistered units, without benefits, without access to social security, or without established wages).

Meanwhile, the OECD has lowered its growth forecast for Mexico for 2024.

USD/MXN

In Latin America, the organization has improved Brazil’s forecast by 0.1 points to 1.9% in 2024, thanks to increased household consumption. However, Mexico’s growth would be 2.2%, 0.3 points lower than projected three months ago.

Argentina’s economy is expected to contract by -3.3%, one point higher than previously projected, although it would rebound the following year with a growth of 2.7%, 0.1 points higher than previously anticipated.

The organization has improved or kept almost unchanged the forecasts for 2024 for Chile (2.3%), Colombia (1.2%), and Costa Rica (3.6%).

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ABOUT THE AUTHOR See More
Ignacio Teson
Ignacio Teson
Economist and Financial Analyst
Ignacio Teson is an Economist and Financial Analyst. He has more than 7 years of experience in emerging markets. He worked as an analyst and market operator at brokerage firms in Argentina and Spain.
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