Formal employment in Mexico spoke in May two months with elimination of positions, according to IMSS data published this Thursday.
In May 45,624 jobs were destroyed and the Institute attributed it in a statement to a seasonal factor, since it is in the fifth month “where the largest falls in the agricultural sector are registered directly related to the agricultural cycle.”
In April 47,442 jobs were eliminated and IMSS justified it for the Easter Calendar effect, since this year the holiday period fell in that month.
“With this, May marks a second month of contractions at the level of formal employment with registration in the IMSS, something that was not seen since May and June 2024,” said the Base Financial Group in a report.
The IMSS reported that the affiliation of workers from January to May was 133,665, and the base group pointed out that it is a 59% figure lower than the same period last year.
Lee: Mexico loses more than 47,000 formal jobs in April
The firm explained that since the IMSS registration (2000) began, only four occasions have been created less jobs in the first five months of the year: 2020 (-838,272), 2009 (-309,985), 2003 (36,755) and 2001 (67,345).
At the end of May, the IMSS had registered in total 22 million 372,044 jobs, of which 87.2% were permanent and the rest.
The Institute added that it had registered in total one million 42,392 patterns, which implied a loss of 4,984 employers compared to the end of April, according to Base.
The financial group added that with respect to May 2024, the pattern registration had a reduction of 30,408, equivalent to a 2.83%drop, the largest in registration.
Base added that with respect to the salary, in May there was an average contribution base salary of 629.90 pesos, which implied a 7.61% growth at an annual rate, a slight rebound compared to 7.60% of the previous month.
However, he pointed out that when considering the inflation of the period (estimated at 4.22% at an annual rate according to data from the first fortnight of May), the real -contribution base salary only grew 3.26%, the lowest growth rate since January 2023.
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