Mexican Job Market Thrives with Over 21 Million Positions

The Mexican job market continues to showcase promising growth. Yesterday, IMSS reported that as of May 2023, the number of registered jobs has reached a staggering 21.86 million, with a notable 86.3% comprising permanent positions. 

In May, the job market experienced a monthly increase of 42,618 positions, marking the second highest surge in the last 16 years for the corresponding period. This growth, equivalent to a 0.2% rise, underscores the robustness of the Mexican economy and its capacity to generate employment opportunities, according to IMSS.

Moreover, the first five months of this year have witnessed the creation of 490,013 jobs, an achievement that reflects an overall growth rate of 70.8% in permanent employment, as reported by IMSS. This surge in job creation represents the most substantial increase recorded within comparable periods, underscoring the favorable conditions prevailing in the Mexican labor market.

Over the past year, Mexico has experienced an impressive rise of 854,422 job positions, highlighting a growth rate of 4.1%. This upturn is the third highest increase registered within comparable periods. Notably, 73.2% of the newly created positions fall under the category of permanent employment, further contributing to the stability and security of the labor market.

Several sectors have emerged as key drivers of the recent job market growth in Mexico. The construction sector takes the lead, exhibiting an annual growth rate of 9.4%, followed closely by transportation and communications with 6.2% and commerce with 4.6%. 

Tabasco, Quintana Roo and Baja California Sur stand out as the states with the most substantial annual increases, surpassing 8.0%. These states have experienced vibrant economic activities and investment, resulting in a surge of employment opportunities and contributing to the overall job market growth.

IMSS’s data reveals that the provision of social security extends beyond traditional employment arrangements. As of May 2023, 8.5 million individuals engaged in other occupational modalities benefit from social security coverage provided by IMSS. This comprehensive approach contributes to the overall well-being and social welfare of the Mexican workforce.