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Weekly Roundups

SMEs at Risk Due to the Pandemic

By MBN Staff | Thu, 12/03/2020 - 11:26

Few were spared from the catastrophic effects of the pandemic and SMEs were not on that list. From May to September, the crisis generated by COVID-19 left a balance of 390,000 economic units less, reported INEGI on Wednesday. As of May, 4.87 million business units had been registered and because of the impact of the pandemic, 1.01 million closed, according to ECOVID-IE data from the Business Demography Study 2020. However, 619,443 businesses were opened between May and September, leaving a balance of 391,414 fewer establishments.

"We have to analyze this together, births and deaths of businesses, because they may die but the owners or those responsible opened another establishment, right there or elsewhere. One million die, 619,000 are born,” said in a press conference the Director General of Economic Statistics, José Arturo Blancas Espejo.

The sector most affected was non-financial private services, which require face-to-face contact. The proportion of business deaths in this sector was 24.9 percent, followed by commerce with 18.9 percent and manufacturing with 15 percent.

More news below:

  • Huawei, through Tecnológico Nacional de México (TecNM), partnered with the Ministry of Public Education (SEP) to implement courses, workshops and a training and certification program. The Huawei ICT Academy seeks to train and certify 50,000 students as well as 1,000 teachers, researchers and administrative staff, who will be able to receive certifications related to information and communication technologies.

  • Of the 12 million people who left the Economically Active Population (EAP) in April, about 10.2 million joined in October, INEGI reported this week. In October, compared to the previous month, 1.7 million people joined the EAP, which rose from 53.8 million to 55.6 million.

  • In the US, initial jobless claims fell for the first time in three weeks to 712,000, according to a report released Thursday by the Labor Department. Between Nov. 22 and 28, claims fell by 75,000 from last week's revised figures which were updated to 787,000.

  • According to a study carried out by the human capital firm Manpower, 79 percent of young people in Mexico belonging to the millennial and centennial generation have problems entering the labor market. This is due to a lack of experience, language learning and courses to complement their studies, says the report.

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