Mexico created a modest 68,955 new jobs in January 2020 representing 27 percent lower growth than that seen in January last year. This year’s results are also the lowest job creation figures for January since 2015, said the Mexico Social Security Institute (IMSS).

IMSS reported that in the last 12 months, 316,386 new positions were created, representing a yearly increase of 1.6 percent. Sectors driving job creation were communications and transportation with a 5.7 percent increase, while social and community services and commerce reported increases of 2.6 percent and 2.4 percent respectively.

The worst performing sectors were construction with a 1.4 percent decrease, while extractive industries recorded a 0.6 percent fall.

States with the highest job creation rates across the past year are Nayarit, Campeche and Querétaro, which have each above 4.5 percent. At the other end were Coahuila and Durango with loses of 0.4 and 0.7 percent respectively.

IMSS also reported that as of January, the total of registered works reached 20 million 490,397. Additionally, employer registration figures reached 1 million 895, a figure 2.4 percent higher than a year earlier.

As of January 31, minimum salary reached 396.2 pesos per day, a year-on-year increase of 6.4 percent and the second largest grow over the last 10 years for the same month.

 

Unemployment rate

The national unemployment rate decreased slightly by 0.07 percentage points during 4Q19, to reach 3.48 percent of the Economically Active Population (PEA), INEGI has reported. This result contrasts with consecutive growths reported the previous four quarters.