Mexico – The labor market added 925.6 thousand jobs in October

  • The unemployment rate fell to 3.30% (nsa) in October. However, using sa figures it went up to 3.22% (previous: 3.14%)

  • New jobs were concentered in the formal sector. By type, these were in services, while wages accelerated in annual terms

  • We expect job creation to continue in 4Q22, albeit at a more moderate pace due to increasing headwinds

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