### Job Growth in Mexico Sees Lowest October Numbers Since 2015
In October 2024, 138,139 formal jobs were created in Mexico, marking the lowest figure for the month since 2015, according to data from the Mexican Social Security Institute (IMSS). Of these, 115,518 positions were permanent, while 22,621 were temporary.
The transportation and communication industry experienced an annual increase of 5.5%, followed by commerce at 3.2%, business services at 1.9%, and social and community services at 1.8%. Meanwhile, the construction sector saw a decline of 2.5%, and the agricultural sector dropped by 2.8%.
From January to October 2024, a total of 594,556 jobs were created, the lowest number since 2020. This represents a 39.2% decrease compared to the same period in 2023, when 929,794 jobs were generated.
As of October 31, the IMSS recorded 22,618,942 registered jobs, with 86.6% being permanent and 13.4% temporary. This total represents a historic high in formal employment figures for the country since 1997, as praised by government officials who linked it to the nation’s solid economic conditions.
The states of Mexico, Hidalgo, Chiapas, Oaxaca, and Nuevo León showed the highest increases in formal employment, while Tabasco, Zacatecas, Campeche, Chihuahua, and Baja California reported declines.
The director of ManpowerGroup Mexico, Caribbean, and Central America, Alberto Alesi, noted a boost in job creation in October compared to the previous months of the year, but stressed that it remained insufficient to match previous years’ employment growth rates. The company’s Employment Expectations Survey showed that 42% of businesses planned to expand their workforce by year’s end.
Yet, December traditionally sees a drop due to seasonal factors, with losses of approximately 200,000 to 300,000 jobs. Despite this, ManpowerGroup anticipates the creation of 100,000 to 120,000 new positions by year-end, potentially leading to 450,000 jobs created for the entire year.
### Additional Insights on Mexico’s Job Market
In other developments regarding Mexico’s employment trends, experts emphasize the varying recovery pace across different sectors. While tech industries and service sectors are progressively expanding due to increased digital transformation and consumer demand, traditional sectors like manufacturing and agriculture are facing challenges. Factors such as supply chain disruptions and fluctuating international markets are contributing to this uneven growth.
Moreover, the importance of skills training and education is being highlighted as key to addressing employment challenges. As industries evolve, there’s a growing demand for workers with advanced technical skills, prompting both private and public initiatives to enhance vocational training programs in Mexico.
Despite these challenges, Mexico remains an attractive location for foreign investment, partially due to competitive labor costs and strategic geographical positioning. Business leaders and economists are closely watching how these dynamics will shape the country’s labor market in the coming years, as well as the potential policy responses from the government to foster job growth and economic stability.
For more on Mexico’s economic and employment trends, stay tuned to TJGringo.com for updates and expert analysis.