EconomyFormal job creation slows in Mexico

Formal job creation slows in Mexico

Mexico registered 38,961 new formal jobs in the country during May, the lowest figure so far this year, although it was also the best month of May in the last six years.

The Mexican Institute of Social Security (IMSS) reported this Friday that until the fifth month of 2021 there were 20.1 million registered workers, of which 85.7% are permanent jobs and 14.3% are temporary jobs.

Despite the fact that since January there have been positive figures for formal employment in the country, there are still 504,092 jobs to reach pre-pandemic levels.

“It is important to mention that the incomplete recovery of employment is not exclusive to Mexico, because in the United States, despite the rapid growth of GDP, there is a high percentage of jobs to recover,” said Gabriela Siller, director of economic-financial analysis of BASE Bank.

The average salary of the registered jobs was 433.1 pesos, 1.2% more than the salary of last April.

The economic sectors with the highest annual growth in jobs are construction with 14.4%, transformation with 5.2%, and transportation and communications with 3.9%.

By state, the highest monthly advance was observed in Quintana Roo, advancing 3.11% with respect to its employment level in April. Similarly, Baja California Sur and Tabasco showed increases of 2.59% and 2.49%, respectively.

“The monthly growth of Quintana Roo and Baja California Sur was supported by the vaccination campaign and the economic reopening, recalling that in May no state was placed on a red light. These factors have allowed to reactivate the tourism sector, an activity on which they depend However, Quintana Roo is the federal entity that shows the greatest lag against its pre-pandemic level, “Siller said.

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