Mexico’s formal job market painted a complex picture in the first ten months of 2024. The State of Mexico emerged as the leader in job creation, followed by Nuevo León, Mexico City, Jalisco, and Guanajuato.
These states drove the nation’s employment growth, showcasing their economic resilience. The State of Mexico added 112,646 new jobs, accounting for 18.9% of the national total.
Its success stemmed from strong performance in transport, communications, commerce, services, manufacturing, and construction sectors. Nuevo León secured the second spot with 104,529 new hires, primarily in manufacturing.
Mexico City, traditionally the country’s job creation powerhouse, slipped to third place. The capital generated 67,201 new jobs, leading in extractive industries, commerce, and services.
Jalisco, Guanajuato, Querétaro, Coahuila, and Quintana Roo rounded out the top performers. However, the national job market showed signs of slowing down.
Mexico added 594,556 formal jobs from January to October 2024, the lowest figure since the pandemic year of 2020. This number falls short of the 648,059 jobs created in the same period of 2019, a recession year.
Regional Job Losses in Mexico
Five states experienced job losses during this period. Tabasco suffered the most significant decline, shedding 18,121 formal jobs.
The completion of the Dos Bocas refinery project led to a sharp drop in construction jobs. This trend raises concerns for states involved in ongoing flagship projects.
Sinaloa lost 9,064 jobs, primarily due to seasonal agricultural layoffs. Zacatecas, Morelos, and Campeche also saw job losses, with weaknesses in the manufacturing, agriculture, construction, and commerce sectors.
These regional disparities highlight the uneven nature of Mexico‘s economic recovery. The slowing job creation trend could persist through the end of 2024.
Uncertainty surrounding President Claudia Sheinbaum’s new administration may be a contributing factor. While infrastructure remains a key focus of the 2025 economic package, its impact on job creation may be short-lived.
Additional challenges include uncertainty in foreign investments due to constitutional reforms and potential shifts in U.S.-Mexico relations under President Donald Trump. The historically low unemployment rate further limits room for improvement in the job market.
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