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Job Recovery Continues

The IMSS announces that the creation of formal employment is 65,936 positions in June, which leaves a shortage of only 438 thousand formal jobs to recover.

AMLO said that in the first days of July another 200,000 jobs were created, an atypical number.

If this trend continues, in two or three months it will be possible to recover all the jobs lost due to the pandemic.

The speed of recovery is higher than the recession of 2001-02 and 2008-09.

By major economic sectors, manufacturing (+99,756) and transportation and communications (+14,848) are those that already have a level higher than pre-pandemic levels. The big losers are business services, with a deficit of 386,291 jobs.

Other relevant sectors still have modest deficits, such as commerce (-20,514) and social services (-13,360).

The momentum of the US economy allows an acceleration of manufacturing exports and employment in this sector.


Slack in services still prevails, which will have to face the effects of a new Covid wave.

IMSS data may be distorted by changes in outsourcing regulations.

We will have to wait to see the data from the ENOE, which incorporates total employment, not just insured in the IMSS, to confirm that the increase in employment is a net increase in jobs in the economy.


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