Mexico: 1 million jobs created in April, but the unemployment rate moved higher

  • The unemployment rate rose to 4.65% (nsa), with composition changes in the labor force and seasonality being the drivers

  • Employment rose by 1 million, with only 903k jobs left to be recovered relative to Feb-20, signaling better conditions

  • We reiterate our call that the recovery will keep driving job gains. However, we warn about headwinds in the short-term

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