Mexico’s GDP contracts in Q3 even as formal-sector employment rises

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November 10, 2021

Mexico’s gross domestic product contracted at an annualized rate of 0.8% in the third quarter, the Federal Reserve Bank of Dallas reported. Industrial production and employment grew, but exports and retail sales fell.

Employment in Mexico’s formal sector — jobs with government benefits and pensions — rose at an annualized rate of 3.9% in September, representing 65,000 jobs, according to the Federal Reserve Bank of Dallas. That marks an improvement from the 3.3% rate in August.

Total employment — including both the formal and informal sector jobs — rose by 23.5% year over year in the second quarter, the most recent data.

The consensus forecast for GDP growth in 2021, compiled by Banco de México, was revised downward from 3.9% in August to 3.6% in September, according to the Federal Reserve Bank of Dallas.

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