Posted May 08, 2020 05:25:03 The Mexican economy, already the world’s fifth-largest, has been hit hard by the effects of the global recession.
The national unemployment rate rose to 6.5 per cent in May, from 5.8 per cent a month earlier.
But Mexico is still the world top producer of goods, and many people are now relying more on imports than exports.
With imports up by 2.9 per cent from the same period last year, Mexico’s economy grew at a pace of 3.3 per cent last year.
And exports fell to 2.5 million, from 4.1 million a year earlier.
Mexico’s export-led economy grew by just over 1 per cent this year, according to figures from the Mexican Statistical Institute.
Mexico’s economy has also been hit by the impact of the fallout from the global economic crisis, with the number of people out of work and those who have given up looking for work rising by 6.4 per cent to 7.1 per cent.
In May, more than a million people left the workforce to seek help in other countries.
One in 10 Mexicans aged 15 to 24 are unemployed, according the government.
Unemployment rates have increased sharply since 2008, when Mexico lost one-third of its workforce and the peso was at a low level.
More than 4.2 million people were still working part-time last year after the government cut the minimum wage from 10 pesos (US$1.75) to 5 pesos.
A majority of the country’s jobs have disappeared, according a survey conducted in January.
That was a sharp reversal from a year ago, when the unemployment rate was at 6.3.
People were struggling to find work even before the global financial crisis, and now that they are back, unemployment rates are rising again.
Miguel Castro, who runs a food business in the capital of Mexico City, said he has seen more and more customers turning up at his stall.
“We were already seeing a lot of people who didn’t want to work,” he said.
We were able to get some help and to get them jobs.
But we’re not there yet.
“MEXICO CITY (AP) Mexico has lost its top job in the world, with unemployment at a record-high of 6.9 percent, as the economy shrank and businesses shuttered.
The unemployment rate for May, which includes people who are out of the workforce, jumped to 6,919, from 6,811 the month before, the National Statistics Institute (INEGI) said on Monday.
It was the second straight month of a sharp decline for Mexico.
After the global downturn, Mexico has added only 0.2 percentage points to the economy.
For the month of May, Mexico was the worst-performing economy in the G20, losing its ranking to Germany.
Its jobless rate fell to 6 percent from 6.6 percent a year before.
Among the top-performing economies, China’s unemployment rate stood at 4.9, from 7.3 percent a month ago.
Spain’s rate was 6.7 percent, from 8.2 percent a decade ago.
Mexico had 5.7 per cent unemployment last month, down from 6 per cent six months ago.