Macro Analysis /
Global

Mexico: Seasonal factors drive the unemployment rate sharply down in December

  • The jobless rate fell 57bps to 3.80%, aided by a seasonal effect. 95.0k jobs were lost, more modest than the average

  • In our opinion, today’s report was very favorable, signaling that the recovery of the labor market continued

  • However, conditions are still fragile, with higher short-term risks due to worsening epidemiological conditions

Juan Carlos Alderete Macal
Juan Carlos Alderete Macal

Director of Economic Research

Francisco Jose Flores Serrano
Francisco Jose Flores Serrano

Senior Economist, Mexico

Banorte
21 January 2021
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