Mexico | Formal job creation continues to show signs of gradual moderation ...

Summary

… grows by 0.8% MoM in October, slightly below the average since 2010 (0.9% MoM). With the creation of 173 thousand formal jobs, October ranks as the fourth-highest figure since 1998. However, it stands 1.2 percentage points below the average year-on-year growth observed in 2021 and 2022.

Key points

• Key points:
• 81.1% of the total employment growth was attributed to permanent jobs.
• In October, the Commerce and Services sectors, with the highest dynamics, each contributed 0.8 percentage points to the overall growth.
• The manufacturing sector is still slowing down, with a year-on-year growth of 1.2% in October.
• Employment in the construction sector has seen the highest growth since the beginning of the year.
• Real wages continue to show a moderate trend, attributable to seasonal factors. Despite this, their dynamic still shows strength.

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