Economics: Labor data mirrors struggling economy

MEXICO - Report 10 Jun 2025 by Mauricio González and Francisco González

Employment remains in a clear slowdown that began last year and aligned with the weakening of the economy as a whole. The employed population decreased -0.2% yoy in the first quarter and then increased 0.2% in April, bringing the cumulative slippage for the first four months of the year to an annual -0.1%. Both formal and informal employment presented similar growth rates.

In contrast, average labor income in real terms maintains high growth rates, both as reported by Inegi’s ENOE survey with respect to the income of the total employed population, as well as the average contribution wage of those insured with the IMSS. This week’s Economic Outlook analyzes the most recent labor market figures and their prospects for the current year.

With respect to the last week's economic indicators, it was announced that private consumption fell -1.3% yoy in March 2025, its fourth consecutive drop, after embarking on a deceleration trend in August of last year. With these results, the Jan-Mar 2025 period accumulated an average annual decrease of -0.6%.
Gross fixed investment (GFI) contracted by -4.7% yoy in the third month of this year, continuing the trend that began in the second half of last year and accumulating seven consecutive months of declines.

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