Mexico's unemployment rate remained almost unchanged in April at 4.32% from 4.29% in March - in seasonal adjusted terms - under a stable participation rate (constant at 59.62%). In y/y comparison, unemployment decreased to 4.3% from 4.9% in April 2014.
The number is not encouraging and it might suggest that the economy is moving at a slow pace. Furthermore, the figure of March was revised up to 4.29% from 4.20% in the previous report. In addition, wage revisions in April reported an average increase of 4.1%, lower than the 4.4% observed in March.
"The report is another element to support our view that Banxico will remain on hold next June 4 as there is still evidence that the labor market remains unpressured and might continue improving, but at a more modest pace in the coming months." said Barclays Capital
