Job growth remains strong in Mexico, according to an update on the Mexican economy by the Federal Reserve Bank of Dallas.
Formal sector employment in Mexico — jobs with government benefits and pensions — grew at an annualized rate of 3.0% in September, falling slightly below the post-recession average of 3.2%. Year-over-year job growth remained strong at 3.9%.
Total employment, representing 54 million workers and including informal sector jobs, increased 3% year over year in the third quarter.
The unemployment rate for Mexico was 3.3% in September, about the same as a year ago.
Looking to the overall economy, Mexico’s gross domestic product grew at an annualized rate of 3.6% in the third quarter after the second quarter showed a 0.6% decline.