Economists doubt labor market gains in Brazil and Mexico will be cut short, even as their key interest rates stand at lofty levels of 12.75% and 11.25%, respectively. 

Brazil’s central bank has reiterated plans to relax monetary policy through half-point rate reductions. On the other hand, Mexican policymakers led by Victoria Rodriguez are expected to start cutting only in 2024 as a resilient economy keeps them on watch for inflation.

Elsewhere across the region, Colombia’s services sector is still creating jobs, with higher consumption defying odds of an economic slowdown. Chile’s unemployment rose more than expected in August, but is forecast to fall in coming months.