April 23, 2019 / 4:34 PM / a month ago

UPDATE 1-Mexico seasonally adjusted jobless rate up in March past 2-year high

(Adds comparative data, economist’s comments, background details)

MEXICO CITY, April 23 (Reuters) - Mexico’s seasonally adjusted unemployment rate rose to 3.6 percent in March, the highest since December 2016, data from the national statistics agency showed on Tuesday.

The headline unadjusted rate was 3.25 percent in March, down from 3.30 percent in February.

Goldman Sachs economist Alberto Ramos said the “labor market backdrop is still robust.” But the data underscored that slowing economic growth and job creation should be closely monitored “since they could start to erode what has hitherto been one of Mexico’s strongest macro fundamentals: full employment,” Ramos said in a research note.

Such a scenario could spell trouble for Mexican President Andres Manuel Lopez Obrador, who has made combating poverty one of the linchpins of his administration. (Reporting by Anthony Esposito; Editing by David Gregorio)

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