Twelve Million More Mexicans Out of Work After April Devastation

(Bloomberg) -- Twelve million Mexicans lost or were suspended from their jobs in April as the coronavirus pandemic devastates the nation’s labor market.

The proportion of Mexicans who are economically active slumped to a record low of 48%, from 60% in March, the national statistics agency said Monday.

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The central bank warned last month that Mexico may be on track for its worst slump in nearly a century, as the crash in oil prices deepens the crisis caused by the pandemic.

The statistics agency said that the data may not be directly comparable with previous jobless reports, since this month’s survey was conducted by phone rather than face-to-face, due to the pandemic.

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