Twelve Million More Mexicans Out of Work After April Devastation

Twelve million Mexicans lost or were suspended from their jobs in April as the coronavirus pandemic devastates the nations labor market.

Labor Market Pain

Mexico's economically active population dropped to the lowest on record

Source: National Institute of Statistics and Geography

Note: April 2020 figure is derived from a phone survey, whereas past surveys conducted via face-to-face interviews

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.

Read More: MEXICO INSIGHT: Track the Recession -- High-Frequency Dashboard

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 months survey was conducted by phone rather than face-to-face, due to the pandemic.