Mexico’s unemployment rate fell to 4.7% in October, from 5.1% in September, the local statistical institute reported, amid a process of economic revival following the confinement of the coronavirus pandemic.
In total, 1.7 million people were added to the Economically Active Population (PEA) in the month, reaching 55.6 million in October. Of the 12 million people who left the PEA in April, the worst time of the coronavirus crisis, some 10.2 million have been reinstated.
The recovery in the volume of the occupied population in the tenth month was mainly recorded in the tertiary sector, i.e. trade and services, which employed 1.6 million people, the state statistical agency, INEGI, said.
Latin America’s second-largest economy, which collapsed during the second quarter due to the global crisis, bounced 12% during the third quarter of the year, in the face of the revival of businesses and companies in non-essential sectors.