Discouraging December: Over 400,000 Formal Jobs Lost
In December 2024, the loss of 405,259 formal jobs was recorded, marking the most negative figure in the history of the IMSS for this month. According to IMSS data, this figure surpasses the number of jobs lost in December 2023 (-384,882).
The Institute notes that the loss of jobs in December translates to a monthly rate of -1.8%. With this data from the last month of the year, the creation of formal jobs throughout 2024 was low compared to previous years, except for 2020, when -647,710 jobs were lost due to the pandemic. From January to December 2024, only 213,993 formal jobs were generated, which is 67% less than the 651,490 recorded in 2023. The 2024 figure is even below Banxico's lowest estimate, which projected the creation of 250,000 formal jobs. There are currently a total of 22,238,379 formal jobs registered with the IMSS, of which 87% are permanent and 13% are temporary. The sectors that showed the highest annual percentage growth in 2024 were transportation and communications, at 3.9%; commerce, at 2.8%; electricity, at 2.3%; and business services, at 2.1%. In terms of federal entities, the State of Mexico, Hidalgo, and Guerrero stand out, with annual increases of 4% or more.
The labor outlook in Mexico appears complicated, and the drop in the generation of formal jobs highlights the need for a more robust strategy from the government to reactivate the economy. Encouraging investment in key sectors and creating policies that support employment will be crucial to reversing this negative trend and ensuring sustained growth in the long term.
