Mexico’s gross domestic product grew at an annualized rate of 1.2% in the fourth quarter, below its 10-year average of 2.2% and a slowdown from a 3.4% increase in the third quarter, according to an economic update by the Federal Reserve Bank of Dallas. Output from goods-producing industries (manufacturing, construction, utilities and mining) fell 4.3%, while service-related activities (wholesale and retail trade, transportation and business services) grew 3.2% and agricultural output rose 7.8%.

Turning to jobs, formal-sector employment in Mexico — jobs with government benefits and pensions — grew at an annualized rate of 2.1% in December, still below the 10-year average of 3.2%.

The unemployment rate for Mexico was 3.6% in December, slightly higher than last year’s average of 3.4%.