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Mexico Sheds 1.06 Million Jobs in November as Informal Work Collapses

Low open unemployment masks a surge in nonparticipation, signaling broader slack.

Overview

  • Inegi’s ENOE reports a month‑on‑month drop of 1,058,179 employed persons, leaving 59.8 million occupied and a 61.5 million labor force.
  • The contraction was concentrated in the informal economy, with roughly 1.1 million informal jobs lost while formal employment rose by about 46,000.
  • Women bore almost all of the monthly losses, with about 996,000 positions eliminated, equivalent to 94% of the total decline.
  • The open unemployment rate ticked up to 2.7% (1.6 million people), while the expanded rate that includes those available but not searching increased to roughly 10.7% as inactivity rose.
  • Services posted the steepest cuts—over 800,000 jobs, including about 240,000 in restaurants and lodging—alongside declines in manufacturing, and informality stood at 54.8% (32.8 million), with 17.5 million in the informal sector.