From J. Enrique Olivera Arce's blog Pulso Crítico en Veracruz. My translation.
A chill for whom?
December 20, 2008
México, S.A,.: To finish the year, the medal of honor goes to the theme, "the chill." Throughout the week which just ended, Mexicans received horrifying news: the number of layoffs is increasing, and in 2009 it will be worse; with inflation rising, the pathetic average salary will "increase" 2.32 (twenty cents) a day; in November the official rate of unemplaoyment rose to the highest point in the last nine years, circling dangerously close to the mark reported in the crisis of 1995-1996; and the economic forecast for Mexiso in the next twelve months, in the best of scenarios, will show a growth rate of less than 0.1 percent
From El Universal, cited in Sr. Olivera's post:
The economic future darkens
El Universal 20/12/08.- The economic situation in the country continues to deteriorate little by little. Yesterday, the Confederación de Cámaras Industriales (Concamin) [I think the major umbrella group of industry and business in Mexico] said that industrial recession had begun in Mexico, since for the first time in many years this October activity in the four components of industrial production: mining, manufacturing, generation of electricity, and construction had contracted, and with this happening, the transition into what would be a very difficult recession had begun. Wednesday, INEGI [National Institute of Statistics and Geography] said that industrial production had fallen 2.7% in October.
Allicia Bárcena, executive secreatry for the Economic Commissin for Latin America and the Caribbean (CEPAL) said that Mexico would register the lowest growth in Latin America in 2009 and predicted that the GNP would rise only 0.5%. Barceno explained, in a videoconference that this low level of economic activity would have repercussions in greater unemployment, an increase in poverty and an increase in the informal labor sector. The estimate for urban unemployment in Mexico is that it will grow from 4.9% in 2008 to 5.7% in 2009.
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Unemployment the highest in 8 years
México (El Universal 20/12/08).- The unemployment rate in Mexico during November was around 4.47%.....the highest level since April of 2000 according to information from INEGI.
The result exceeded the expectations of economic analysts who forecast a rate of 4% and expected a rebound in employment because of an increase in business because of the Christmas holidays. In this environment, yesterday the Bank of Mexico revised downward its forecast for economic growth for 2009 and put it in a the range of 0.11%, which represents the generation of only 81 thousand new jobs.
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Insufficient increase in minimum salary
México (Diario de Yucatán).- Deputies of the three major political parties (PAN, PRI and PRD) agreed that the increase in the minimum salary ought to be greater than 6% since the increase of 4.6% was already insufficient. The National Commission of Minimum Salaries (Conasami) agreed the day before yesterday in the increase to 4.6%.
And from La Jornada, 20 de diciembre de 2008
The joke of minimum salaries
by Arturo Alcalde Justiniani
The anemic increase in minimum salaries makes evident a political economy operating against the interests of workers in a crucial moment of crisis. Clearly and simply it amounts to plundering since the 4.6% average increase (4.2% in Zone A which includes the greatest part of the population) is simply put, lower than the rate of inflation, even using the data of the Bank of Mexico which we well know is designed to present a reality different from that which the population daily confirms for itself when going to the market to buy food for the family. The bad news is that today they will be able to get less than before.....
If you read Spanish, you can read the rest of the La Jornada article here.