Formal employment continues to lose strength in the face of informal employment

Formal employment for the first half of the year registered a slowdown and reported the creation of 295,058 job opportunities, which marks a difference of 219,000 jobs compared to the previous half of the year, which reached the figure of 514,411 formal workers.

Regarding jobs registered with the IMSS, the second quarter of the year saw a considerable reduction in the pace of formal jobs, compared to the first quarter of the year.

April saw the creation of 84,000 jobs, May saw the loss of 25,000 jobs and June saw the loss of 29,000 jobs. The second quarter closed with just over 30,000 formal jobs, a result below ManpowerGroup’s forecast of 110,000 jobs for this period.

In June, permanent employment recorded its lowest number of jobs created, both for 2024 and in a decade, with 5,110 job opportunities covered, although the positive trend was maintained.

Temporary jobs, on the other hand, continued their downward trend, losing just over 34,000 positions. Since March of this year, temporary employment has lost more than 95,000 jobs.

In total, only 9,349 temporary jobs and 285,709 permanent positions have been created from January to June of this year.

ManpowerGroup President Mónica Flores said that in the short term it is difficult to reverse this year’s trend in job creation; in the medium and long term, it is necessary to give signals of legal certainty and stability to generate confidence and attract investment.

Manpowergroup forecast that between 250 and 300 thousand formal jobs will be created in the third quarter of the year, from July to September. Meanwhile, by the end of 2024, job creation is expected to reach 600 thousand new jobs.

According to the Employment Outlook Survey, 45% of employers in the country said they plan to increase their workforce between July and September.

The three sectors with the best hiring forecast are: Energy with 48%; Communication Services 44%; and Transportation, Logistics and Automotive with 37% of hiring intentions.