**Job Growth in Mexico: IMSS Reports Uptick in Employment**
As of October 31, 2024, the Mexican Social Security Institute (IMSS) reported a total of 22,618,942 jobs, with 86.6% being permanent positions and 13.4% temporary. In October alone, there was an increase of 138,139 jobs, marking a monthly growth rate of 0.6%. This represents the second-highest monthly job growth for 2024. From January to October, the job creation tally reached 594,556, with permanent positions growing by 3%.
Over the past twelve months, employment increased by 316,252 jobs, equating to an annual growth rate of 1.4%. The transportation and communications sector led the way with a 5.5% annual growth, followed by commerce at 3.2%, and business services at 1.9%. The states showing the highest employment growth included Mexico State, Hidalgo, Chiapas, and Oaxaca, all exceeding 4%.
**Average Salary and Employment Figures**
By the end of October, the average salary for IMSS-affiliated employees stood at $580.5 pesos, marking a nominal annual increase of 9.2%, the third-highest rise for October since 2001. Since January 2019, the annual nominal salary increase has consistently been 6% or higher.
The IMSS recorded a total of 1,064,028 registered employers by October 31, showing a slight decline of 1.3% from the previous year.
In addition, the IMSS offered social security benefits under different employment schemes to approximately 8.7 million individuals. The institute provided medical services to 8,231,571 individuals with a voluntary health insurance plan. Moreover, 276,678 individuals were covered under the Voluntary Continuation of the Mandatory Scheme.
**Domestic Workers and Economic Impact**
In October, 60,662 positions were registered for domestic workers, with an anticipated 99,425 potential beneficiaries. The average daily wage for these positions was $371.6 pesos.
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**Economic Outlook for Mexico: Key Developments**
In parallel news, forecasts for “Buen Fin 2024,” Mexico’s largest retail event, predict an economic boost with estimated earnings of up to 165.5 billion pesos, revealing the event’s critical role in driving annual economic activity. Meanwhile, the Mexican National Electoral Institute approved a budget of 13.205 billion pesos for upcoming judicial elections, a move critiqued by prominent political figures as excessive.
In sports news, Olympian Rommel Pacheco emphasized the unity between Mexican athletes and the Olympic Committee, whereas cultural events in Rosarito showcased local traditions during the Day of the Dead celebrations.
Stay tuned for more updates on employment trends and economic factors influencing Mexico’s thriving sectors, only on TJGringo.com.