BBVA Research

In August, Social Security lost 199,300 contributors and unemployment rose by 21,900 due to seasonal factors. Once seasonally adjusted (SA), the number of contributors increased by 29,900 and the number of unemployed fell by 4,800. The share of temporary contracts in the General Regime stood at 13.7% (SA).

In July, remittances reached Mexico for 5,330 million, a 4.7% drop compared to the same month in 2024. From January to July 2025, remittances totaled $34.889 billion, a lower amount than what was received in 2024, and even lower than in 2023.

Private consumption has become Colombia’s key growth engine. Driven by employment, income, credit, and remittances, it is shifting toward services and entertainment, while demographic changes reshape household spending patterns for the years ahead.

Three developments shaped the Treasury market over the past month: a weak jobs report, a dovish tone from Powell at Jackson Hole, and renewed political pressure stemming from Trump’s push to replace Governor Lisa Cook from the Fed’s Board.

The trade surplus in 2Q25 is mainly due to the positive balance on non-oil-related goods, which in the second quarter of 2025 was USD 8,893 million after having posted a surplus of USD 4,730 million in the first quarter.

The sensitivity on growth and employment might continue to shape the policy mix with a trade-off of a slower disinflation path. We expect the Medium Term Program (MTP), to be revised in early September, to have more color on the political preferences on near term growth outlook.

After the dissolution of Coneval, Inegi has assumed responsibility for measuring poverty and for the comprehensive evaluation of Mexico’s social development policy. This note analyzes the results of Inegi’s first 2024 multidimensional poverty report.

The Yearbook of Migration and Remittances Mexico 2025 reaffirms the ongoing commitment of BBVA Research, BBVA Foundation and CONAPO to present a rigorous and informative work on the main national and international trends surrounding migration and remittance flows.