IMSS: Formal employment grew 1% in 2024 with nearly 214,000 positions created

Official employment in Mexico grew by 1% in 2024 with a net creation of 213,993 jobs, for a total of more than 22.23 million positions, the Mexican Institute of Social Security (IMSS) reported this Monday.

Despite this, despite the loss of 405,259 jobs recorded in the Mexican economy in December, the number of new jobs remained below the all-time high of 22.64 million in November last year, which the government attributes to a seasonal phenomenon when companies lay off their jobs. employees at the end of the year, so as not to pay them all benefits.

The IMSS statement detailed that the economic sectors with the highest annual percentage growth were:

• Transport and communications – 3.9%;
• Trade – 2.8%;
• Electricity – 2.3%; And,
• Services for companies – 2.1%.

Among the federal entities, the states of Mexico City, Hidalgo and Guerrero stand out, with annual growth greater than or equal to 4%.

The institute also noted a nominal annual increase of 9.2% in average wages, which reached P587.4 per day.

The increase, he said, is “the third largest in the last 23 years if only the December months are considered, and since January 2019, base pay has maintained a nominal annual increase equal to or greater than 6%.”

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IMSS also reported 1.05 million employers, also known as bosses, joining, representing an annual decline of 1.7%.

Although IMSS is the main indicator of formal employment in Mexico, analysts say it only presents a partial picture, since nearly 55% of the country’s workforce is informal, according to the National Institute of Statistics and Geography (Inegi). The unemployment rate was 2.6%, close to a historic low.

EFE