Mexico’s economy expanded at an annualized rate of 1.1 percent in the first quarter, according to an analysis by the Federal Reserve Bank of Dallas. The growth was below analysts’ expectations, but recent data points to improvement.

Formal-sector employment grew at an annualized rate of 5.5 percent in May, faster than the 2013 annual job growth of 2.9 percent, according to the analysis. Formal-sector employment represents jobs with government benefits and pensions.

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