Labor informality was reduced in September – El Sol de México

The employed population registered a decrease in September 2023, marking its second consecutive month with losses, mainly due to a drop in informal employment, according to the National Occupation and Employment Survey (ENOE).

According to data from the ENOE, from the National Institute of Statistics and Geography (Inegi), the employed population in the country decreased by 92,371 people in the ninth month of this year compared to August.

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The data published by Inegi revealed that the decrease in the number of employed people was affected by informal jobs, where 609,808 jobs were lost, of which there were 467,819 positions for men and 141,989 for women.

For its part, employment in the formal market increased by 517,437 people in September compared to the previous month. The informality rate fell to 54.3 percent from 55.2 percent.

With original figures, the unemployment rate stood at 2.88 percent, its second record with a decrease.

Banorte experts anticipate a slight increase in the unemployment rate in the coming months, although the strength of the labor market will continue to support private consumption.

“The shocks to automotive production due to the sector strike in the United States and renewed inflationary pressures that could impact some production and consumption decisions of Mexicans,” they commented.

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They added that it is likely that the unemployment rate could increase, reaching slightly above three percent by the end of the year.

Marcos Daniel Arias, economic analyst at Monex, pointed out that there are several labor market indicators that are close to their best possible state. He added that the labor market will continue to facilitate the advancement of economic activity.

2023-10-27 11:00:00
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