Overview

• IMSS said July’s surge was driven by the incorporation of 1,291,365 independent platform workers under a pilot derived from the Federal Labor Law reform, lifting reported affiliates by about 1.2 million.
• BBVA Research estimates that, excluding the platform-registration effect, formal employment fell by roughly 25,300 jobs in July, a 0.1% monthly decline.
• IMEF stated the July addition does not reflect new hiring, announced forthcoming adjustments to its indicators in September, and warned that formal job creation could contract this year if the trend persists.
• Operational rules specify that starting in August only app workers with net monthly income at or above one minimum wage remain fully registered, while those below retain only work‑injury coverage.
• Broader indicators point to weak labor demand, with gross fixed investment down 6.7% year over year and private consumption falling 1.0% month over month and 0.9% annually, alongside earlier IMSS losses of over 46,000 jobs in June and more than 139,000 in the second quarter.