[Mexico's Unemployment Rate Rises to Nine-Month High, Job Market Signals Cooling] ⑴ Mexico's unemployment rate rose to 2.9% in June from 2.8% in May, reaching its highest level since September 2025, slightly higher than the market expectation of 2.8%, with the total number of unemployed reaching 1.8 million. ⑵ By gender, the unemployment rate for women was 3.0%, while for men it was 2.8%. By age, the 25-44 age group accounted for 48.4% of the unemployed, and the 15-24 age group accounted for 29.6%, highlighting the particularly high employment pressure on young people. ⑶ Regarding education level, nearly 90% of the unemployed have completed at least secondary education, reflecting a certain structural contradiction in the job matching of those with secondary and higher education. The distribution of unemployment duration shows that about 43.5% of people have been unemployed for no more than one month, while more than 30% have been unemployed for one to three months. (4) The underemployment rate, which measures those with jobs but seeking more hours, is 6.6%, indicating that there is still slack in the labor market; the total number of economically inactive people is 43.3 million, accounting for 41.2% of the population aged 15 and above, suggesting room for improvement in the labor force participation rate. (5) The continuous rise in the unemployment rate indicates weakening momentum in Mexico's job market. Coupled with uncertainties in global economic growth and trade policy changes, it is necessary to pay attention to whether the demand for labor in the service and manufacturing sectors can stabilize, as well as the potential transmission impact of the central bank's policy path on the employment environment.

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