Mexico | Slow and incomplete labor market recovery

Summary

More than a year after the COVID-19 pandemic began, the labor market shows gradual recovery levels in employment levels; however, the recovery has been insufficient to close the gap to the pre-pandemic employment levels.

Key points

• Key points:
• A lost year of job creation due to the economic crisis derived from the COVID-19
• The higher income jobs without signs of recovery
• We anticipate that job creation will continue to be insufficient to reach pre-pandemic job levels in 2021
• The recovery in employment is not generalized by economic sector, highlighting the manufacturing sector with the highest levels before the pandemic (+62k)
• Mexico City is the most affected by the economic crisis, with a negative gap of (-) 230.9 thousand jobs compared to February 2020

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