Electronic – the pin diameter for this part

The 0.043" region is the part that goes through the board, and then the 0.061" rim sits on top of the board.

Given that drill sizes tend to be metric, your 0.043" hole is 1.0922mm, so the next two metric sizes up would be 1.1mm or 1.2mm. Given that is the drill size and the holes will be plated, I would go for the larger of the two (1.2mm) to allow a tolerance for the drill sizes being smaller - though you can check your PCB manufacturers spec as they will usually tell you the hole tolerance.

In any case you want it to be narrower than 0.061" (1.54mm), so that means your drill hole should be no smaller than 1.1mm and no larger than 1.5mm.

The best advice is check what the manufacturing tolerance of your PCB manufacturer is and add this to 1.1mm to get your minimum size.

It's the IPC-7351B - "Generic Requirements for Surface Mount Design and Land Pattern Standard"

The document only provides recommendations; there is no enforcement. However, more and more manufacturers seem to be using it to inform their footprint suggestions.

Note that this spec isn't easy to use directly. Instead of tables of land pattern dimensions, you see sections like this (take from a previous version of the spec):

....

Instead, I use a software called Library Expert. It's free and quite useful. It creates footprints to the IPC-7351 spec. It will actually build up the symbols for a number of software packages, e.g. Eagle, OrCAD, Altium, and others.