According to INEGI, the unemployment rate remained almost stable in November of the past year, reaching 2.64% in non-seasonally adjusted terms (prior 2.50%), close to historical lows. Using seasonally adjusted data, the unemployment rate stood at 2.69% in November (from 2.45% in October and 2.78% a year ago), while the labor participation rate stood at 60%, close to the pre-pandemic trend. The wage bill in real terms increased 4.1% YoY compared to November 2023, after 6.1% in October.
Our take: the data released today once again continues to reflect a tight labor market, with a below historical average unemployment rate and a wage bill still growing in real terms. However, employment growth is decelerating, mainly in the construction and transportation sectors, both associated with the finalization of government infrastructure projects. Not much has significantly changed in employment data in recent months, which should continue to challenge a more robust service disinflation ahead.
See detailed data below
