Published on Monday, November 13, 2023

Mexico | Formal job creation continues to show signs of gradual moderation ...

… grows by 0.8% MoM in October, slightly below the average since 2010 (0.9% MoM). With the creation of 173 thousand formal jobs, October ranks as the fourth-highest figure since 1998. However, it stands 1.2 percentage points below the average year-on-year growth observed in 2021 and 2022.

Key points

  • Key points:
  • 81.1% of the total employment growth was attributed to permanent jobs.
  • In October, the Commerce and Services sectors, with the highest dynamics, each contributed 0.8 percentage points to the overall growth.
  • The manufacturing sector is still slowing down, with a year-on-year growth of 1.2% in October.
  • Employment in the construction sector has seen the highest growth since the beginning of the year.
  • Real wages continue to show a moderate trend, attributable to seasonal factors. Despite this, their dynamic still shows strength.

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