Mexico | Formal employment deepens its slowdown and occupancy conditions deteriorate

Summary

The creation of formal employment deepens its slowdown, in July formal employment grew 2.2% at an annualized rate. Four thousand permanent formal jobs were lost compared to the previous month, a situation that did not happen for a similar month since the crisis of 2009.

Key points

• Key points:
• Total formal employees were 20.4 million in July
• The slowdown in the creation of formal jobs has been more pronounced in temporary employment, in July grew 0.6% YoY
• The base salary reached 380.7 pesos, which represents real growth of 2.6% YoY
• Six states with negative annual growth rates, Guerrero (-5.5%) and Veracruz (-34.4%) had the highest falls
• According to the National Occupation and Employment Survey, the unemployment rate was 3.5 for the second quarter of 2019

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