In December, more than 400,000 formal jobs were eliminated, the deepest job disappearance for that month on record.
The IMSS reported this Monday the elimination of 405,259 jobs, a reduction of 1.8%, compared to the previous month.
In this regard, the analysis area of Grupo Financiero BASE, warned that the 1.8% drop in formal employment is the highest for the same month since records were recorded, in the year 2000.
He specified that although a strong decrease in the level of formal employment is always reported in December, the drop is the largest for any month since April 2020, when just over half a million jobs were lost due to the impact of the COVID-19 pandemic. Covid-19.
In relative terms, the 1.8% drop is also the largest since April 2020, when it fell 2.71%.
Ignoring the variations that were due to the pandemic, the 1.8% drop in December is the largest since December 2018 (1.85%); That is, it exceeds the drop observed in 2019, when Mexico had a recession.
“The sharp job loss in December is worrying as it suggests the economy could be close to entering stagnation or recession. The trend in the annual growth rate also seems to show that negative rates could soon be recorded,” the financial institution noted.
“However, it is important to consider that the slowdown also occurs at a time when the unemployment rate is near historical lows,” he added.
Base indicated that at an annual rate, employment registered a growth of 0.97% in December, the weakest since April 2021, when annual variations moderated after a full year had passed since the pandemic hit hard in April 2020.
The IMSS indicated that as of December 31, 22 million 238,379 jobs were registered.
In the last twelve months, a growth of 213,993 jobs was observed, which represents an annual rate of 1%.
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