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Formal employment grew by 1.6% in September. Despite the increase, the growth was lower than expected, reflecting a more significant slowdown and worsening short- and medium-term employment expectations, influenced by the country's anticipated lower economic growth and uncertainty.
Formal employment grew by 2.0% year-on-year in July, similar to the previous month but 0.2 percentage points below the forecast. A moderate improvement is expected in the coming months. Permanent employment has shown resilience, with 322 thousand new positions this year.
Despite the slowdown, permanent formal employment has shown constant gains. In June, formal employment had a year-on-year growth of 2.0%, 0.1 percentage points below our forecast, confirming the expected deceleration trend.
Formal employment in Mexico continues decelerating, growing 2.2% in May 2024, 0.2 percentage points lower than the previous month. Job creation is expected to pick up in the third quarter but at a slower pace than in 2023.
The employment resumes growth in April (2.5% year-on-year); this rebound in employment is explained by the negative impact of the previous month's Easter week. A change in the employment creation trend is not anticipated but rather seen as a te…
Formal employment added 109 thousand new jobs in January, 2.4% less than in 2023, with a marked slowdown in manufacturing and services. Real wage increased 5.6% YoY (15.4% above pre-pandemic), and the total wage bill grew 8.8% YoY (23.9% above pre-pandemic).
In December, a loss of 385 thousand jobs was recorded, marking the strongest seasonal adjustment since 1998. Employment closed the year with an annual growth of 3.0% but was below consensus expectations. The monthly decrease in employment (-)1.7% is primarily attributed to seasonal factors.
… 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 y…
The formal job creation continues to show strength, with a year-on-year growth of 3.4% in September; in cumulative figures from January to September 757K new jobs have been created, the fourth-highest since 1998.
Employment hardly changed between January and March, improving expectations. After adjusting by seasonality, job creation and total hours worked accelerated (to 1.2% and 0.6% t/t SWDA, respectively). In addition, the unemployment rate (12.6% SW…
In February, 176 thousand jobs were created (3.4% YoY), marking the second-highest job creation since 1998. Although this is a significant growth, it aligns with the expected slowdown.
The labour market reform changes the sectoral distribution of contracts by duration: those sectors with a greater weight in shorter duration contracts, such as Accommodation and food service activities and Agriculture, forestry and fishing, lose importance and the rest of the activities gain it.
