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Economic activity increased by 0.6% q/q in 1Q26, one-tenth below expectations, and with a less favorable composition than anticipated: investment and goods exports surprised on the downside. Growth was driven by productivity per hour, despite a decline in hours worked.

Economic activity grew again in 4Q25 (0.8% q/q), driven by domestic demand and despite the drag from net external demand. GDP growth was supported by an increase in hours worked, as productivity per hour fell. Overall, GDP grew by 2.8% in 2025.

Social Security affiliation increased by 31,500 people and unemployment fell by 4,800 in September. Adjusted for seasonality (SA), the number of contributors is estimated to have risen by 47,000, while the number of unemployed decreased by 22,000. In 3Q25, employment grew by 0.5% QoQ (SA) and unemployment dropped by 1.1%.

Social Security enrollment increased by 35,500, and unemployment fell by 25,300. After adjusting for seasonality, the number of contributors rose by 37,700, while the number of unemployed dropped by 10,900. 2024 ended with 750,400 more affiliates and 602,400 fewer unemployed.

The national unemployment rate in September was 9.1%, similar to the 9.3% reported a year ago. Seasonally adjusted, the unemployment rate was below its average level in the first half of the year, which stood at 10.5%. By September, the labor market displayed reduced dynamism, with a slowdown in job creation.

Once seasonality is discounted, both employment (0.4% q/q) and hours worked (0.1% q/q) increased at a similar pace to Social Security affiliation (0.3% q/q). Additionally, the unemployment rate declined (to 11.3%), and the temporary employment rate remained stable (15.9%).

Employment continues to slow down, with minimal monthly increases. According to the IMSS, formal employment grew by 1.8% annually in August, 0.2 points less than in June and July. Seasonally adjusted job creation has shown three months of 0.1% variations, reflecting weakness in annual variations.