Unemployment retirements rise to record level

According to CONSAR data, the withdrawal of resources in the Afores due to unemployment reached 1.384 million pesos in October, the highest amount for any month for which there is a record.

So far this year, 10,050 million pesos have been withdrawn, a figure 24% higher than the same period last year.

The requirements to request this withdrawal is to have 46 calendar days of being unemployed and to have at least 3 years registered in an Afore and at least 2 years of contribution in the IMSS.

What can explain such a significant increase in this indicator?
No doubt the stagnation of manufacturing employment and staff cuts in construction and government play a role.

With data from the IMSS, employment in manufacturing barely increased by 0.8% per year, however, when the data was adjusted, there was a loss of 4 thousand positions compared to January. In construction there is a 2.3% loss of personnel at an annual rate. The federal government contributes its share of thousands of job cuts.

The situation in the labor market is complicated, with an industrial apparatus - affected by external and internal uncertainty - that faces difficulties in generating employment.

The stagnation and contraction of various areas of the economy already have a direct impact on the population. They are not just data, they are people who have to use their savings to cover their personal and family expenses.