Overview

• INEGI’s ENOE reported 34.1 million people in informal work in July, lifting the informality rate to 56.1%, the highest since records began in 2005.
• Informal employment grew by about 1.17 million in the month as formal positions fell from 27.22 million to 26.68 million, a decline of roughly 532,000.
• IMSS recorded a 1.26 million jump in formal registrations in July, a discrepancy analysts link to the pilot affiliating Uber and DiDi workers rather than net new jobs.
• The unemployment rate ticked up to 2.8%, or about 1.7 million people, with the rise linked to more entrants to the labor force.
• Employment shifts concentrated in industry and trade, with manufacturing adding 407,000 jobs, construction 160,000 and commerce 144,000, while services lost about 205,000.