According to seasonally adjusted figures, the unemployment rate stood at 2.65 percent, up from 2.61 percent in January.
According to the National Survey of Occupation and Employment (ENOE), the number of employed people in Mexico in February stood at 59,167,580, a reported drop of 276,937 jobs for the month.
This is the most significant drop for February since records began, starting in 2006, according to INEGI records.
According to seasonally adjusted figures, the unemployment rate stood at 2.65 percent, up from 2.61 percent in January.
Which sector lost the most jobs in February?
By economic activity sector, the largest job losses were recorded in government and international organizations, with 229,995, followed by professional, financial, and corporate services, with 151,882, and manufacturing, with 144,603.
In contrast, construction saw a 231,942 increase in jobs, social services saw a 160,277 increase, and the extractive industry saw a 58,928 increase.
The formal sector reported a loss of 345,905 jobs, while the informal sector saw an increase of 68,968.
In the original figures, the unemployment rate stood at 2.51 percent, higher than the 2.45 percent recorded in the same month in 2024.
At an annual rate, the number of employed people in the country declined. The unemployment rate fell to 236,359, the first decline since November 2023.
According to Monex analysts, the results provide a mixed picture of the state of the country’s labor market. The unemployment rate remains at historically low levels, but the indicator again shows signs of fragility, given a notable contraction in labor force participation during the period, reaching a three-year low.
“In this sense, there are additional signs of caution regarding employment in the coming months, given a slower momentum in labor market entry. Additionally, it will be important to consider the slowdown recorded at the end of the year, which will generate greater pressure on employment,” they added.
Source: OEM
