Mexico | December recorded the largest job loss in the last 27 years …

Summary

Formal employment closed the year with an annual variation of 1.0%, well below expectations and the average of the last three years. Sectors such as manufacturing and construction performed poorly or negatively, playing key roles in this sharp slowdown.

Key points

• Key points:
• December 2024 saw a loss of 405 thousand jobs, the largest seasonal adjustment in 27 years.
• A total of 257,000 permanent jobs and 133,000 temporary jobs were lost in December.
• Construction fell by 6.3% annually, and manufacturing barely grew by 0.2%.
• Tabasco had the worst formal employment variation with a decline of 12.2%.
• Although real wages ended the year with an annual growth of 4.8% and the real wage bill at 5.8%, surpassing the historical average, both are showing signs of deceleration.

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