### Significant Employment Decline in Mexico During November
In November 2024, Mexico experienced a loss of 3,987 formal jobs, marking the steepest decline for the month in a decade, as reported by the Mexican Social Security Institute (IMSS). Among the regions most affected, Tabasco reported the highest decrease with an annual loss rate of 11.7%, followed by Campeche at 4.0%, Zacatecas with 2.8%, Baja California at 1.4%, and Chihuahua with 1.2%.
Despite the decline, the country saw a net increase of 24,696 jobs during November after accounting for the losses. This number was calculated by subtracting the lost jobs from the 28,683 new positions created, making it the smallest growth for November since 2014.
As of November 31, 2024, the IMSS recorded a total of 22,643,638 registered jobs, of which 86% are permanent and 13.4% are temporary. The new jobs reflected a monthly growth of 0.1% and a yearly increase of 1.0%.
The states leading in employment growth on an annual basis were Guerrero with 5.9%, Mexico with 4.7%, Hidalgo at 4.2%, and Nuevo León at 3.8%. The industries driving employment were transport and communications (5.0%), commerce (2.8%), electricity (2.0%), business services (1.8%), and social and communal services (1.8%).
The IMSS data also noted a drop in registered employers nationwide, with the total decreasing to 1,060,486 from the previous year, marking a loss of 17,397 employers by the end of November 2024.
On a brighter note, the average salary in the country saw an increase, reaching 584.1 pesos, which is an increase of 49.2 pesos (9.19%) compared to the same period in 2023.
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### Secondary Article: Economic Growth and Challenges in Mexico
While the recent report highlighted the job losses in November 2024, broader economic conditions in Mexico present a mixed picture. A recent analysis indicates that economic growth continues albeit at a slower pace due to global economic pressures and domestic issues.
Among the positive indicators, certain industries including technology and tourism continue to flourish, contributing significantly to economic stability. Moreover, infrastructure projects underway across the country promise longer-term benefits by enhancing connectivity and fostering regional development.
However, experts point to rising inflation and uncertainty in global markets as challenges that could dampen economic expansion. Inflation rates have put pressure on consumer spending, while volatility in international markets affects Mexico’s trade relations.
Policymakers are urged to focus on diversification of the economy to reduce reliance on a few sectors, and to implement reforms that support small-to-medium enterprises (SMEs), which are critical to job creation and economic resilience.
The Mexican government remains committed to addressing these challenges through fiscal policies and initiatives aimed at sustaining economic growth and cushioning against potential adversities.