Mexico's Formal Job Market Grows Steadily: IMSS

The Mexican Social Security Institute (IMSS) reported that as of July 31, 2024, the country has registered 22.3 million jobs, reflecting steady growth in both permanent and temporary employment sectors.

IMSS data shows that 86.6% of these jobs are permanent, while 13.4% are temporary. In July alone, the country added 12,344 new jobs, representing a 0.1% monthly increase, which exceeds the job creation rates observed over the past two years.

Between January and July 2024, 307,402 jobs were created in Mexico, with permanent employment rising by 1.7%. Over the past 12 months, the country has seen the addition of 446,649 new jobs, marking an annual increase of 2%. There were also 1.07 million employers registered with the IMSS as of July 31. This figure represents a slight annual decrease of 0.2%.

The transport and communications sector led job generation with a 5.6% annual increase, followed by commerce at 3.2%, and construction at 3.0%. Chiapas, Hidalgo, and Nayarit recorded annual job growth rates exceeding 4.5%.

Beyond traditional employment, the IMSS provides social security coverage to 8.2 million individuals through various employment modalities. This includes 7.7 million individuals under the "Seguro Facultativo" program, which offers medical services to those voluntarily affiliated with the IMSS. Additionally, 159,093 people are enrolled in the "Seguro de Salud para la Familia," providing medical care to those who voluntarily join the IMSS.

Another 271,843 individuals are covered under the "Continuación Voluntaria del Régimen Obligatorio" scheme, allowing former employees to continue receiving benefits after leaving formal employment.

Mexico’s job market is showing signs of resilience, with steady employment growth across key sectors and regions. The rise in average wages and the broad coverage of social security programs further highlight the ongoing efforts to support the workforce. However, the slight decrease in employer registrations suggests areas where the labor market could face challenges in the coming months.