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Mexico Sheds 1.3 Million Jobs in August as INEGI Flags Sharp Labor-Market Slide

A surge in people leaving the labor force kept the jobless rate at 2.9%.

Overview

  • INEGI’s ENOE reports 59.5 million employed and 1.8 million unemployed in August, with the economically active population falling by 1.2 million to 61.3 million.
  • Job losses were concentrated in services, which shed about 1.0 million positions, while agriculture fell by 416,830 and industry posted a net gain of 185,439.
  • Manufacturing added 254,038 jobs and mining rose by 28,598, offset by a loss of 97,197 in construction.
  • Informal employment dropped by roughly 1.5 million to 32.6 million workers, lowering the informality rate to 54.8%.
  • The non‑economically active population grew by 1.5 million to 42.9 million, and underemployment edged down to 7.1% or 4.2 million people, marking the biggest monthly job drop since January 2022.