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Mexico | Job loss hasn't bottomed out yet: large companies with higher closing rates

Published on Tuesday, June 23, 2020 | Updated on Tuesday, June 30, 2020

Mexico | Job loss hasn't bottomed out yet: large companies with higher closing rates

The COVID-19 pandemic has resulted in a loss of more than 1 million formal jobs in just three months. Given the uncertainty about the economic recovery and the number of closed and inactive companies, a further deepening of job losses is expected.

Key points

  • Key points:
  • The loss of formal jobs has been for workers with lower incomes: 92.4% with incomes of up to 2 minimum wages
  • 9.9 thousand formal employers were dropped out of the IMSS in April and May, 65.5% were micro and small companies
  • The closing rates of medium and large companies are higher than in the 2008-09 crisis
  • 600 thousand companies in the formal and informal sector paralyzed and without income, with high uncertainty of being able to return (ETOE)
  • 11.8 thousand employers in the informal sector transitioned to unemployment (ETOE)

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