Mexico's unemployment rate drops to 3.47 pct in August

Source: Xinhua| 2018-09-27 07:16:10|Editor: Li Xia
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MEXICO CITY, Sept. 26 (Xinhua) -- Mexico's unemployment rate fell to 3.47 percent in August, compared to 3.48 percent in July, buoyed by a tendency in job creation, the National Institute of Statistics and Geography (Inegi) said Wednesday.

The August figure was lower than the 3.53 percent in the same month last year, according to historical data from Inegi.

So far this year, the National Unemployment Rate (TDN) registered its lowest level in March with 2.94 percent.

According to Inegi, the population that was employed hit 96.5 percent of the Economically Active Population (PEA) during August 2018.

Of that group, 67.7 percent were salaried and gainfully employed workers; 22.9 percent were independent workers; 4.9 percent worked in family businesses; and 4.5 percent were owners or employers.

Inegi said the employment rate in the informal sector was 27.6 percent in August, slightly below the July figure of 27.7 percent.

The informal sector refers to the share of the population who do not have an accounting system and operate with their own resources.

In a report to its customers, financial group Banorte said it expects the unemployment rate to remain low moving forward.

"We believe the unemployment rate will remain at similar or even slightly lower levels in the coming months as a result of recent vibrant economic activity," Banorte said.

In 2018, Mexico may register an economic growth of 2 to 2.6 percent, according to estimates by the Central Bank of Mexico (Banxico). Mexico's gross domestic product grew 2 percent in 2017.