Mexico’s employment rate increased by 3.4% in August
The formal employment rate in Mexico rose at an annualized rate of 3.4% in August, representing the added 57,000 jobs during the month, according to the Federal Reserve Bank of Dallas (FRBD).
A year-over-year employment increase of 23.5% during Q2 was also reported with a total of 55 million workers in the country.
Because of this, the FRBD said that the nation’s Gross Domestic Product (GDP) also grew at an annualized rate of 6.0% in the second quarter.
However, Banco de Mexico’s August forecast stated that the third-quarter GDP is expected to decline while Q4 will remain at 3.9%.
The COVID-19 pandemic has predictably slowed down the economic activity in Mexico. But the vaccination campaign has improved with 33% of the population fully inoculated.
Further, Mexico recently implemented an outsourcing ban earlier this year in which the full economic impact has yet to be determined.
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