**Growth in Employment Registered with the Mexican Social Security Institute**
As of October 31, 2024, the Mexican Social Security Institute (IMSS) recorded a total of 22,618,942 job positions. Of these, 86.6% are permanent, while 13.4% are temporary. The month of October saw an increase of 138,139 new jobs, marking the second-highest monthly increase in 2024, equating to a 0.6% growth. Between January and October 2024, a total of 594,556 jobs were created, with permanent positions growing by 3.0%.
Over the past twelve months, there has been an increase of 316,252 job positions, marking an annual growth rate of 1.4%. The sectors with the highest annual job growth rates include transport and communications (5.5%), commerce (3.2%), and business services (1.9%). States such as Mexico State, Hidalgo, Chiapas, and Oaxaca showed annual increases of over 4%.
**Average Salary Increases**
The average base salary for jobs registered with the IMSS reached $580.5 by the end of October 2024. This reflects a nominal annual increase of 9.2%, the third highest for any October in the past twenty-three years. Since January 2019, salary increases have consistently been at or above 6.0% annually.
**Employer Registration and Social Security Coverage**
As of late October, 1,064,028 employers were registered with the IMSS, though this represents an annual decrease of 1.3%. The IMSS also provides social security to 8.7 million individuals through various employment modalities. Currently, 8,231,571 individuals are covered under the Seguro Facultativo for medical services. Additionally, 156,796 are part of the Seguro de Salud para la Familia, and 276,678 are insured under the voluntary continuation in the mandatory scheme.
**Domestic Workers’ Employment**
In October, 60,662 positions were registered as domestic work positions, with a projected 99,425 potential beneficiaries. The average daily wage tied to these roles is $371.6.
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**Additional Context on Employment Trends in Mexico**
In recent times, Mexico has demonstrated a notable growth in formal employment, though October 2024’s growth was the lowest since 2015, showing a need for continued efforts in job creation. Business confidence indices and international trade activities have shown both opportunities and challenges, particularly due to the influence of global economic shifts.
The anticipated economic boost from local events, such as the Buen Fin sales, is expected to generate significant revenue, estimated at 165.5 billion pesos for 2024. This event highlights the importance of commerce and retail as substantial contributors to the employment sector in the country.
Meanwhile, sectors like agriculture and international tourism show resilience and potential for future employment opportunities, underscoring the diverse growth avenues available within Mexico’s economy. As the country navigates fluctuating economic conditions, strategic focus on these sectors could support ongoing employment improvements and economic stability.