Mexico | Formal Employment Stalls Growth in March ...

Summary

Formal employment in Mexico showed null monthly variation in March 2024, reflecting a more pronounced slowdown than expected in the year's first quarter. In March, it grew below expectations, partly attributable to the effect of Easter.

Key points

• Key points:
• Formal employment in March practically stagnated. Given the recent employment data, we have a downward bias for the employment forecast in 2024.
• A loss of 465 formal jobs was recorded in March compared to the previous month. Despite this, annual growth was 2.3%, 0.3pp below expectations.
• Permanent employment marginally increased by 0.1%, while temporary employment decreased by (-)0.3%, losing a total of 10 thousand jobs.
• The construction sector, which was the most dynamic during 2023, experienced the greatest slowdown in employment, with a negative monthly variation of (-)2.2%.
• Real wage and real wage bill continued to grow, with a year-on-year increase in March of 5.2% and 7.6%, respectively, surpassing the levels of the previous year in the same month.

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