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In order to better understand the impact of the labor market on Mexico's inflationary process over time, the Kalman filter methodology was used to estimate a rate of unemployment consistent with stable inflation or NAIRU.

Formal employment in Mexico remained stagnant in September, posting a 0.05% monthly and 0.4% annual increase. Weak investment and sluggish consumption continue to constrain job creation, while manufacturing and construction sectors continue to contract.

Formal employment reached a record high in July 2025 due to the incorporation of digital platform workers. Excluding this effect, there was a net destruction of jobs, in a context of declining investment and weak consumption.

July U.S. labor data show sharp hiring slowdown: 73k jobs added, prior months revised -258k, jobless rate at 4.2%, participation at 62.2%. Wage growth stagnates; health care sole driver. Market sees 89% odds of Fed rate cut in September.

Spain has staged one of the most dynamic macroeconomic recoveries in Europe after the pandemic. Employment and GDP have far exceeded the levels observed in 2019. However, the mood of households does not seem to have followed the same path.

The slowdown in formal employment in Mexico deepened in April, driven primarily by declining investment and growing business distrust. The contraction in key economic sectors and economic uncertainty point to weak job creation throughout the year.

Formal employment began 2025 with a 0.8% increase, adding 73 thousand new positions—87.1% of which were temporary—reflecting the trend observed since last year. Despite the slowdown in job creation, real wages continue to grow above the average, supporting consumption.