The Mexican economy created 173,257 formal jobs last October to exceed 22.3 million workers registered in the Mexican Social Security Institute (IMSS)marking a new record for the second consecutive month.
As of October 31, 2023, 22,302,690 jobs are registered with the Mexican Social Security Institute (IMSS).this is the maximum figure since records have been recorded,” the institute highlighted this Monday in a statement.
In addition, the Mexican economy added 929,794 jobs created in the first 10 months of this year, with an accumulated interannual increase of 3.2%.
This increase is 208,532 positions more than the average variation of the last ten years in comparable periods,” the organization indicated.
With the positive data, Mexico is on the rise for three months after having lost 2,168 jobs in July.
The IMSS highlighted that the economic sectors with the highest annual growth in formal jobs until October are construction, with 9%; transportation and communications, with 5.5%, and commerce, with 3.9%.
While by state Quintana Roo and Nayarit stand out with annual increases above 7%.
The institute also highlighted a nominal annual increase of 10.8% in the average salary, which reached 531.5 pesos per day.
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This increase is “the second highest recorded in the last 22 years considering only Octobers and, since January 2019, the base contribution salary has maintained nominal annual increases equal to or greater than 6%,” according to the report.
The agency also registered more than 1.07 million patrons, as it calls employers, which represents an annual increase of 0.8%.
The institution closed 2022 with the creation of more than 750,000 formal jobsthe third largest annual increase on record.
The figures show a recovery in employment in Mexico after the Covid-19 pandemic, as there were 20.6 million formal workers registered in the IMSS in February 2020, but it lost almost 1.19 million positions between March and July 2020, which it did not recover. until November 2021.
Although the IMSS is the main indicator of formal work in Mexico, analysts warn that it presents a partial portrait because in the country almost 56% of the workforce is informal, according to the National Institute of Statistics and Geography (Inegi).
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