Overview

• In Q2 2025, unemployment stood at 2.7% with 1.6 million jobless, up from 2.5% in Q1, as the economically active population reached 61.1 million and 59.4 million were employed, according to Inegi’s ENOE.
• Employment growth came from informality, with 546,349 informal positions added and 106,598 formal jobs lost, pushing the informality rate to 54.8% or 32.6 million workers, its highest since late 2023.
• Year over year, net job creation was 113,599, the weakest second-quarter increase in a decade, with gains concentrated in services and declines in construction and manufacturing.
• Underemployment rose to 7.2% (4.3 million people), and Inegi reported more workers without health coverage or fixed incomes, signaling worsening job quality.
• Broader measures point to higher slack than the headline rate suggests, and private analysts forecast a slight rise in unemployment if formal hiring remains subdued.