Publications

Formal employment in Mexico shows a gradual recovery. IMSS data indicate that job creation in September surpassed the previous year, although the pace remains moderate and uneven across sectors. Improved private and public investment is key to strengthening future labor market outlooks.

The minimum wage debate in Peru presents two views: the competitive one, warning of unemployment and informality risks, and the non-competitive market perspective. Given Peru's low productivity and high informality, excessive hikes could harm the most vulnerable workers in the labor market.

Colombia's labor participation dropped from 68% to 64% in the last decade, driven by youth. This stems from two factors: more time spent studying (higher tertiary enrollment) and a smaller population share due to demographic aging. Higher inactivity due to studies boosts future human capital.

Social Security affiliation increased by 92,300 people and unemployment by 23,600. Adjusted for seasonality, an increase of 103,000 contributors and 9,000 unemployed people is estimated. In 3Q26, employment and unemployment increased by 1.1% quarter-on-quarter CVEC due to the extraordinary regularization of immigrants.

The Spanish labor market shows a duality: strong job creation but stagnant productivity. In this context, generative artificial intelligence (AI) emerges as an opportunity, although its impact will be uneven. Exposure to AI is higher in skilled occupations and in regions like Madrid.

Social Security affiliation fell by 162,800 people and unemployment grew by 44,400. Adjusted for seasonality, an estimated rebound of 74,000 contributors and 10,500 unemployed is estimated. The extraordinary regularization of immigrants may have added 211,000 foreign affiliates and 64,900 unemployed up to August.

In the second quarter of 2026, labor poverty in Mexico rebounded to 31.9%, 1.2 points above the historic low of the previous quarter. This increase is associated with a rise in labor informality, with the occupation rate reaching 30.2%, its highest level in more than 20 years.