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Unemployment leaps to 5 percent

The National Statistics and Geography Institute (INEGI) reports that 2.6 million of the country’s Economically Active Population (PEA) – around five percent – are unemployed as of the end of the second quarter of 2013. That is up 122,000 from the same quarter last year. In urban areas the unemployment rate reached six percent.

Energy reform bill presented to congress

President Enrique Peña Nieto proposed allowing private companies to profit-share with Pemex on Monday, but said the state-run monopoly would remain in government hands and maintain full ownership of Mexico’s oil reserves.