Publications

The national unemployment rate stood at 8.2% in October 2025, the lowest level for an October since 2015. In seasonally adjusted terms, the rate was 8.9%, remaining low and relatively stable since March. Employment growth accelerated to 4.2%.

In 2025, the automotive sector is accelerating its sales momentum, with strong growth in utility vehicles and in hybrid and electric models. Greater household purchasing power and a more appreciated exchange rate, among other supportive factors, sustain this trend and will keep driving sales in 2025 and 2026.

In September, economic activity grew by 3.9% year-on-year, surpassing Bloomberg’s consensus forecast of 3.5%. The primary sector expanded by 5.2%, driven by mining and fishing, while the non-primary component grew by 3.5%, with notable contributions from construction, trade, and services.

After the fastest monetary tightening cycle in decades (2022-2023), the main central banks have begun a process of lowering interest rates, with the “last mile” characterized by a cautious approach.

October's inflation surprised to the upside, with broad-based pressures stemming from both the food and non-food baskets. The annual inflation rate rose to 5.51%, reinforcing the central bank’s cautious stance and signaling that interest rates will likely remain stable for the foreseeable future.

The Big Data Index of Private Consumption continues to show notable dynamism at the beginning of the fourth quarter: in October, it increased by 7.7% YoY.

National unemployment in September was 8.2%, the lowest for a September in 24 years. Seasonally adjusted, the rate was 8.8%, remaining low. Versus August, the sharp decline was driven mainly by stronger job creation, with employment up 3.1%.