The suboccupation rate also showed an improvement in the year, from 7.90% in December 2023 to 7.10% in December 2024, the least since March of last year. The Subocupation refers to those 15 and over people who have the need and availability of offering more work hours than their current occupation allows them.
“This is important, since in addition to the fact that there is a job creation, the jobs that are created are, on average, better and better, since fewer people require additional work to meet their needs,” said Banco Base in the perspective document Economic of Mexico.
At the end of December 2024, the average contribution base salary of jobs affiliated with IMSS reached an amount of 587.4 pesos a day, which represents a nominal annual increase of 9.2% (nine point two percent). This rise salary pressure is a sample of how “companies compete for a small group of workers.”
According to the Institute, it is the third highest registered in the last twenty -three years considering only the months of December and, since January 2019, the base price salary maintains nominal annual increases equal to or greater than 6%.
Moderation in Employment Creation in 2025
The unemployment rate in Mexico is at one of its lowest points in history, but this could be to end, given various indicators of the last quarter of 2024, such as the contraction of GDP, but also of a lower creation of formal employment.
The variation in formal employment in December 2024 was 1.79%, which without counting the contractions registered during the pandemic, it is the largest monthly fall since December 2018.
“That is, it exceeds the fall observed in December 2019, when there was a recession. These figures are worrisome and suggest that the economy could be close to entering a stagnation or recession, “explains Banco Base.
For its part, Monex emphasizes that, at the end of 2024, 81.0% of the employed population concentrated on the main pillars of the economy (services, commerce and manufactures), so it does not rule out “that these results can see a light Moderation at the beginning of this year, given the deceleration observed in economic activities in the last quarter of 2024 ”.
This Thursday, it was announced that the Gross Domestic Product (GDP) showed a quarterly decline of 0.6%, due to a collapse of primary activities and a contraction of secondary activities.
And, although Hacienda rules out an economic recession, Valmex analysts estimate that “the deceleration is predictable by the fiscal consolidation process, the conclusion of Mega works of the last administration, the least growth of the US economy and the lagged impact of the restriction monetary ”.
