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News Article

Economy to Bottom Out in June / 350,000 Jobs Lost in May

By Ricardo Guzman | Tue, 06/02/2020 - 12:11

Economy to bottom out in June. The economic situation in the country will bottom out in June, and Q2 will be hit the hardest, President López Obrador said. “I think the situation is going to be more difficult in April, May and June, when it will bottom out,” he said during his morning briefing in Merida. While addressing the COVID-19 recovery, the president pointed out that store sales did not collapse, and that in May there were some new job registrations with IMSS. He explained that from July onward, the recovery will be boosted by the reactivation of the construction, mining and auto part manufacturing sectors, the USMCA trade treaty implementation and the excepted collection of over MX$60 billion.

350,000 jobs lost in May. President López Obrador said 350,000 jobs were lost in May, less than April’s 550,000 jobs lost as a result of the health emergency. “Of the 20.5 million jobs registered with IMSS, 550,000 were lost in April,” he said. The official results for May will be published on June 12.

Change at Indep. President López Obrador announced that Jaime Cárdenas will replace Ricardo Rodríguez as head of the National Institute to Return the Stolen to the People (Indep). After 22 months in office, Rodríguez will be included in the short list of candidates the president is sending to the Senate for the new Taxpayer’s Attorney (Prodecon) position. Cárdenas is a former adviser to Manuel Bartlett and he is the husband of María de la Luz Mijangos, the Attorney General’s (FGR) Anti-Corruption Prosecutor.

Epidemic under control. Despite more than 10,000 deaths from COVID-19 in Mexico, President López Obrador said the epidemic is under control and that the country is doing much better than the US and some European countries. “The pandemic has been controlled in Mexico. Unfortunately, it has greatly affected our northern neighbors, not to mention Europe,” he said and criticized his adversaries, saying they were taking advantage of the human lives lost. He said a truce was needed.

Ayotzinapa case warrants. Based on Attorney General (FGR) investigations, the judiciary has already issued arrest warrants against public servants involved in the disappearance of 43 students from Ayotzinapa in 2014, President López Obrador announced. He said he was hopeful for positive results soon, and stressed that the Ministry of National Defense (Sedena) is supporting the investigation.

 

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Click HERE for full transcript in Spanish

Ricardo Guzman Ricardo Guzman Editor