Mexico | Strong formal job creation in February, but onset to show signs of moderation...

Summary

In February, 176 thousand jobs were created (3.4% YoY), marking the second-highest job creation since 1998. Although this is a significant growth, it aligns with the expected slowdown.

Key points

• Key points:
• Permanent employment explains 73.9% of job creation in February, reaching an interannual variation of 3.0%. Still, compared to February of the previous year, the interannual growth rate was 6.2%, reinforcing this moderation in employment growth.
• Manufacturing, the principal formal employment creator (one out of every three jobs are in this sector), had more moderate growth in year-on-year terms (2.5%). Still, given its relevance, it accounts for 28.0% of the jobs created in February.
• 36 months after the start of the pandemic, Mexico City is 1.4% below the level of employment prior to the pandemic.
• The wage reviews at the beginning of the year continue to strengthen the real wage, which presented a year-on-year growth of 3.3%, 1.3pp higher than in 2022.

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