Unemployment in Mexico Reaches 3% in August 2024, According to Inegi
In August 2024, the unemployed population rose to 1.9 million individuals, marking an increase of 68,000 people compared to the same month last year. According to information provided by Inegi, the unemployment rate stood at 3% of the economically active population (EAP).
Breaking it down by gender, the number of unemployed men remained at 1 million, while the number of unemployed women grew from 780,000 to 834,000. The unemployment rate for men was recorded at 2.8%, while for women it was 3.3%. Furthermore, it is observed that 10.8% of the unemployed labor force had not completed secondary education; in contrast, 89.2% had a higher educational level. The age group between 15 and 24 years accounted for 37% of the unemployed, reflecting an increase of 5.1 percentage points from last year. Individuals aged 25 to 44 represented 47.4%, rising by 0.7 points, while those aged 45 to 64 made up 14.2%, with a decrease of 5.1 points. On another note, informal employment reached 32.4 million people, which translates to a rate of 54.3% of the employed population, marking a decrease of 0.9 points compared to August 2023. This month, the EAP was recorded at 61.6 million, an increase of 587,000 individuals compared to the same month last year, with 59.7 million being employed, 519,000 more than in August 2023. Within this group, the underemployed population expressing a need and willingness to work more hours reached 4.8 million, which is 8% of the employed population, indicating an increase of 92,000 individuals.
It is clear that although the unemployment rate remains relatively stable, the growing informal sector and the rise in the underemployed population are concerning signs. The lack of formal job opportunities and the challenges faced by young people in the labor market highlight the need for more effective policies that promote inclusive and sustained economic growth. In the current economy, it is vital to adopt strategies that not only encourage job creation but also improve job quality to ensure a more prosperous future for the Mexican population.
