Mexico | Formal employment grows in January, but at a slower pace than in 2024…

Summary

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.

Key points

• Key points:
• The high share of temporary jobs (87.1%) in January points to growing uncertainty, further evidenced by the drop in business confidence.
• The manufacturing sector entered contraction territory with an annual variation of (-0.2%), while construction posted five consecutive months of declines.
• Trade and services to businesses and households continued to drive employment, contributing 0.6 and 0.2 percentage points, respectively, to annual growth.
• Meanwhile, the Estado de México (+3.9%) and Nuevo León (+3.4%) saw increases in formal employment, whereas Tabasco (-10.7%) and Campeche (-7.6%) suffered sharp declines.
• Although job creation has weakened, real wages (4.0%) and the real wage bill (4.8%) remain above their historical averages, but have begun to show signs of deceleration.

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