**Mexico’s Employment Growth Reaches Lowest October Figure Since 2015**
In a recent report by the Mexican Institute of Social Security (IMSS), it was revealed that Mexico created 138,139 formal jobs in October 2024, marking the lowest figure for the month since 2015. Of these jobs, 115,518 were permanent, while 22,621 were temporary positions.
Analyzing industry performance, transport and communication saw an annual increase of 5.5%, commerce grew by 3.2%, and business services rose by 1.9%. Meanwhile, social and communal services increased by 1.8%, the electricity sector by 1.1%, the manufacturing sector by 0.3%, and the extraction industry by 0.06%. On the downside, the construction industry faced a 2.5% drop in jobs, and the agricultural sector saw a 2.8% decline.
From January to October 2024, Mexico generated 594,556 jobs, the lowest since 2020. This is a 39.2% decrease compared to the same period last year when 929,794 jobs were created. As of October 31, the IMSS reported a record of 22,618,942 registered jobs, with 86.6% being permanent and 13.4% temporary.
President Claudia Sheinbaum emphasized that the formal employment count has reached an all-time high since 1997 and indicated this as a positive sign of Mexico’s economic stability. States like Mexico, Hidalgo, Chiapas, Oaxaca, and Nuevo León experienced significant employment growth. However, Tabasco, Zacatecas, and other states reported job losses.
Alberto Alesi, General Director of ManpowerGroup for Mexico, Caribbean, and Central America, remarked that despite a positive increase, the rate of job creation does not yet match previous years. For the rest of 2024, 42% of companies plan to expand their workforce, offset by anticipations of seasonal employment decreases in December.
**Secondary Article: Impact of Economic Measures on Job Creation in Mexico**
Recent developments in Mexico’s economic policies have been closely monitored as experts analyze their influence on job creation. With the government focusing on infrastructure and investment initiatives, there is potential for increased demand in construction and related sectors. However, external challenges such as international market fluctuations and trade negotiations remain influential.
The recent threat of increased tariffs by global partners has created caution in expansion plans within the business community, potentially impacting employment figures if implemented. Nevertheless, initiatives aimed at boosting internal demand and productivity continue to be a beacon of hope for sustainable job growth.
Economic analysts forecast that if Mexico maintains a stable macroeconomic environment and attracts foreign investments, the country could overcome current employment challenges, paving the way for improved job creation rates in the coming years. This optimistic outlook is contingent on the global economic landscape’s developments and Mexico’s adaptability to such changes.
Stay tuned to TJGringo.com for ongoing updates and detailed analyses on Mexico’s economic and employment trends.