Mexico | Formal employment growth moderates in September

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.

Key points

• Key points:
• Permanent employment made a greater contribution to employment growth (2.5pp).
• The sectors with the largest contributions to growth were the Commerce sector and Construction, each contributing 0.8pp to the total growth.
• The manufacturing sector showed weaker performance, possibly associated with the slowdown in this sector in the United States.
• Real wages, despite their second consecutive monthly decline (-1.0% in September), showed a year-on-year growth of 6.0%.
• Mexico City has performed below the national average, causing the employment level to be only 1.0% above the pre-pandemic level.

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