2026/01/26 | Julia Passabom, Mariana Ramirez & Ignacio Martínez
According to INEGI, the unemployment rate (NSA) in December stood at 2.40%, below Bloomberg’s market expectation of 2.52%. As a result, the unemployment rate fell by 0.03 percentage points compared to December 2024. Meanwhile, the seasonally adjusted measure reached 2.6%, falling by 0.09 percentage points relative to November. The labor force participation rate fell to 59.4%, 0.3 percentage points lower than a year earlier, while the informality rate also declined, to 55.1%, falling by nearly 1 percentage point compared to December 2024.
Our take: Overall, even though activity has been weak, Mexico’s labor market tightness persists, maintaining pressure on services inflation. However, despite the recent moderation, the informality rate has shown a persistent upward trend throughout 2025, which should be a source of concern regarding the creation of higher-quality jobs. Strengthening formal employment will be key to consolidating the recovery in economic activity. INEGI will publish labor market data for January on February 26.
