(Bloomberg) — Mexico’s employment market had its worst March in a quarter of a century as the global coronavirus pandemic took its toll on Latin America’s second largest economy.
The country lost more than 130,500 jobs in the month from February after the employment market shrank 0.6%, according to a statement from the Mexican Social Security Institute, IMSS.
The net job losses were the first for the month of March since 2002 — and the most since 1995 — highlighting the bleak forecast this year for Mexico’s economy.
Some economists expect the country to fall into a deeper recession than the devastating Tequila Crisis that rattled its currency in the mid-1990s. Bank of America forecasts the economy to contract 8% this year and eventually lose its investment grade rating.
Despite net job losses, base salaries grew by an annual nominal rate of 7.1% to 399.3 pesos, after President Andres Manuel Lopez Obrador decreed increases in the minimum wage.
AMLO, as the president is commonly known, has vowed to create 2 million jobs over the next nine months, a major undertaking considering Mexico created only about 342,000 net jobs in all of 2019, the president’s first full year in office.
Source: Bloomberg
Comments
more recommended stories
-
AMLO’s Banco del Bienestar to be controlled by Mexican Army
The decision makes sense if one.
Why it doesn’t matter that so many die in Mexico from Covid-19There are so many deaths that.
San Antonio, TX could be hosting Canelo vs SmithIf you’re a boxing fan, you’re.
Randy Arozarena: from the World Series to Mérida’s CERESO in less than a monthInterviewed at her home in the.
Donald Trump pardoned his former security advisor Michael Flynn.“I know you will now have.
Mayan communities of Campeche deliver 268 thousand signatures against the Mayan Train.The protesters stated that the Mayan.
Cenote divers in Tulum must be regulated by Civil ProtectionTulum, Q.R. — The Directorate of.
86 percent progress reported in the Mérida – Chetumal highway repaving worksMérida, Yucatán (November 25, 2020).- The.
Lucas de Galvez and San Benito markets will close until 9 PMMÉRIDA.- In response to the requests.
CDC warns Americans against traveling to Mexico due to COVID-19People who become infected with the.
BUSQUE A UN MÉDICO
Leave a Comment