Formal job creation falls; 29 thousand jobs were lost in June: IMSS

MEXICO CITY (apro).- The creation of formal jobs had the lowest half-yearly growth in six years. Last month alone, 29,555 net jobs were lost, according to figures from the Mexican Social Security Institute (IMSS).

With the June results, two periods of negative numbers are linked, since in May 25,203 formal jobs were lost. By June 30, the total number of jobs registered with that agency was 22,319,444.

According to figures from IMSS, 43,137 formal jobs were created in the last twelve months, equivalent to an annual rate of 2%.

Between January and June of this year, job creation in the first half of the year was 295,058 positions, which means a loss equivalent to 42.6%, compared to job creation for the same period in 2023, when 514,411 jobs were generated.

Of the total number of jobs registered at the end of last month, 86.5% are permanent and 13.5% are temporary. Losses were also recorded among these. According to El Economista, 46,527 jobs of this type were cancelled last month, while June saw the loss of 34,665 positions.

With the slowdown of the economy in Mexico, employers affiliated with the IMSS have hired both permanent and temporary employees at a slower rate, so the first six months of 2024 had the lowest growth of 2019, except for 2020 with the crisis of the covid-19 pandemic.

At the end of June 2024, the average base salary for IMSS-affiliated jobs reached $584.9, representing a nominal annual increase of 9.5%. On the other hand, the average daily salary for domestic workers affiliated with that agency was $326.3.

The IMSS announced that the economic sectors with the highest annual percentage growth in jobs were transportation and communications with 5.6%; commerce with 3.4% and construction with 3%. The states that had job increases above 4% were Chiapas, Hidalgo and the State of Mexico.