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Formal employment in Mexico continues decelerating, growing 2.2% in May 2024, 0.2 percentage points lower than the previous month. Job creation is expected to pick up in the third quarter but at a slower pace than in 2023.
The employment resumes growth in April (2.5% year-on-year); this rebound in employment is explained by the negative impact of the previous month's Easter week. A change in the employment creation trend is not anticipated but rather seen as a temporary adjustment
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.
Formal employment added 109 thousand new jobs in January, 2.4% less than in 2023, with a marked slowdown in manufacturing and services. Real wage increased 5.6% YoY (15.4% above pre-pandemic), and the total wage bill grew 8.8% YoY (23.9% above …
In December, a loss of 385 thousand jobs was recorded, marking the strongest seasonal adjustment since 1998. Employment closed the year with an annual growth of 3.0% but was below consensus expectations. The monthly decrease in employment (-)1.…
Despite the labor market's resilience, the slowdown in job creation in 2023 is reflected by the 2.7 million additional jobs, considerably fewer than the previous year. The unemployment rate in December remained at 3.7%, largely explained by the decline in the labor force.
… 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.
Job creation in October (+150,000) was lower than consensus expectations (180,000), indicating a slowdown despite solid real GDP growth in previous quarters (4.9% in the third quarter of the year, SAAR).
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.
Cantabria's economy will grow by 2.0% in 2023, and will accelerate to 2.5% in 2024. This will allow a return to the pre-pandemic GDP level this year.
Asturias' GDP could grow by 2.1% and in 2023 recover the pre-pandemic level. By 2024, the increase in activity will accelerate to 2.5%, and during that year it is expected to be able to recover GDP per capita. If these forecasts are met, Asturias would create more than 16,000 new jobs by 2024.
In June, formal employment slowdown, reaching one of its lowest levels since 1998. Despite this, in cumulative figures from January to June, it represented a growth of 2.4%, a 0.2pp increase compared to the previous year, indicating strength in the labor market.
