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October 31, 2024
The national unemployment rate in September was 9.1%, similar to the 9.3% reported a year ago. Seasonally adjusted, the unemployment rate was below its average level in the first half of the year, which stood at 10.5%. By September, the labor market displayed reduced dynamism, with a slowdown in job creation.
October 25, 2024
Once seasonality is discounted, both employment (0.4% q/q) and hours worked (0.1% q/q) increased at a similar pace to Social Security affiliation (0.3% q/q). Additionally, the unemployment rate declined (to 11.3%), and the temporary employment rate remained stable (15.9%).
October 2, 2024
Social Security affiliation increased by 8,800 while unemployment by 3,200. After adjusting for seasonality, the number of contributors rose by 24,000, and the unemployed dropped by 14,000. In Q3 2024, affiliation grew by 0.3% QoQ SWDA (0.8% in Q2 2024), and unemployment declined by 0.8% QoQ SWDA (-2.1% in Q2 2024).
September 12, 2024
Employment continues to slow down, with minimal monthly increases. According to the IMSS, formal employment grew by 1.8% annually in August, 0.2 points less than in June and July. Seasonally adjusted job creation has shown three months of 0.1% variations, reflecting weakness in annual variations.
August 2, 2024
Social Security affiliation fell by 9,800 people, and unemployment decreased by 10,800, slightly worse than expected. Adjusted for seasonality, the number of contributors increased by 3,000, 22,000 less than in June, and the unemployed dropped by 4,000. The percentage of affiliates with temporary contracts stabilized.
August 1, 2024
The June 2024 national unemployment rate was 10.3%, up from 9.3% in June 2023. Seasonally adjusted, the rate was 10.7% and maintains a certain stability, as it has done since December 2023, after the strong rebound it showed between August and December of that year.
July 2, 2024
Social Security contributors rose by 71,100, while unemployment fell by 46,800, aligning with expectations. Seasonally adjusted, affiliation grew by 0.8% QoQ in Q2 2024, slightly higher than in Q1 2024, and unemployment decreased by 2.1% QoQ (-1.8% in Q1 2024).
March 4, 2024
The January 2024 national unemployment rate was 12.7%, down from 13.7% in January 2023. Seasonally adjusted, the national rate decreased by 0.4 percentage points (p.p.) between December 2023 and January 2024, although it remains above the values observed in the middle of last year.
February 3, 2024
In 2023, the average unemployment rate was 10.2% at the national level, decreasing by one percentage point with respect to 2022. Thus, labor variables showed resilience in a context of deceleration. However, by the end of the year, since September, a deterioration in the labor market to be monitored in 2024, was seen.
December 4, 2023
Social Security affiliation fell by 11,600 people and unemployment by 24,600. After adjusting for seasonality, we estimate that the number of affiliated workers grew by 25,000 (2,500 more than in Oct) and the number of unemployed fell by 16,000, after stagnating since July. Temporary employment fell by 1.1 pp to 56.7% SWDA.
November 13, 2023
… 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.
October 3, 2023
Social Security affiliation increased more than expected in September (18,300 people), although the increase in unemployment surprised negatively (19,800 people). After adjusting for seasonality, employment grew in 3Q23 (0.3% QoQ CVEC), hiring fell (-3.1%) and registered unemployment stagnated.
