Employment Improvement in September

According to IMSS data, the number of affiliates increased by 145,416 in September, which represents the highest job creation for the same month since 2016. The data puts a stop to thirteen months of falls in the annual rate of employment growth (1.85 % at the moment).

The increase of 65 thousand jobs in the service sector stands out, with which the number of affiliates exceeds 2.3% than a year ago. Employment in services has been resistant to an economy that advances between 0 and 1%.

The highest growth is focused on transportation and communications, with an annual increase of 5.6%, followed by agricultural activities, with a growth of 4.4%. In September they generated 4,905 and 31,542 places respectively. These sectors have been the most dynamic in recent years.

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The performance of manufacturing remains to be owed, which although they generate 16 thousand jobs, present an annual growth rate of 1.3%, the lowest since January 2010, just after the economic crisis.

Construction also reported a 2.9% drop in employment compared to a year earlier.

It is very important that job creation continues, which, added to increases in real wages, can boost consumption in the short term.

This requires improvements in economic expectations and, above all, a favorable investment climate.