2026/02/26 | Julia Passabom, Mariana Ramirez & Ignacio Martínez
According to INEGI, the unemployment rate (NSA) in January stood at 2.70%, broadly in line with Bloomberg’s market expectation of 2.67%. As a result, the unemployment rate did not change significantly compared to January 2025. Meanwhile, the seasonally adjusted measure reached 2.62%, increasing 0.02 percentage points relative to December. The labor force participation rate fell to 59.0%, 0.9 percentage points lower than a year earlier, while the informality rate sits at 55.1% increasing 0.7 percentage point compared to January 2025.
Our take: Labor market data at the beginning of this year continues to point to a disconnect with economic activity at the margin. The labor market remains tight, even as economic activity is growing below potential and shows no clear signs of recovery. Strengthening formal employment will be crucial to consolidating the economic recovery. INEGI is scheduled to release labor market data for January on March 27.
