Mexican Social Security Institute (IMSS) reports on job levels

Mexico Loses 405,259 Formal Jobs in December 2024; Net Job Creation Lowest Since 2003

Jan 8, 2025, 01:19 PM

Mexico experienced its largest loss of formal jobs in December 2024 since record-keeping began in 1997, according to data from the Mexican Social Security Institute (IMSS). A total of 405,259 formal jobs were lost in December, including nearly 257,000 permanent positions and over 148,000 temporary ones. This significant decline reduced annual net job creation in 2024 to just 213,933 positions, which is 41% below the 363,000 new jobs economists had forecasted and the lowest for a non-crisis year since 2003. The December job loss represents the worst start for a six-year presidential term. The construction and agricultural sectors were among the most affected. The decline is partially attributed to seasonal factors and the completion of major public works projects. President Claudia Sheinbaum stated that employment levels are expected to recover between March and April with the initiation of new public projects.