The Mexican economy recovered in the last four months 50 percent of the formal jobs that were lost after the crisis caused by COVID-19, which means a faster recovery compared to past crises.
The boost in the labor market was due to the accelerated reactivation in the US economy that benefited the local manufacturing industry.
According to IMSS data, of the 1,117 thousand 584 jobs that were lost from March to July, 555 thousand 600 jobs were recovered between August and November.
In the financial crisis of 2008-2009, 15 months had to pass to recover all the jobs that were destroyed, on that occasion the drop in employment was 696 thousand and the recovery in four months was barely 18 percent.
In the crisis of 1994 and 1995, one million 78 thousand 124 jobs were lost. Full recovery took 19 months.
“Much of the creation of formal jobs in Mexico has to do with the economic recovery in the US, this reactivation has been much faster than any in history and the jobs that are associated with exporting companies or manufacturing companies are recovering at the same rate. they are increasing demand, “said Amín Vera, deputy director of analysis at Black Wallstreet Capital.
However, he warned that the recovery in the formal sector will not be enough to cover the hole caused by the pandemic; “It is not a sign of a general recovery in employment, since 60 percent of employment in Mexico is generated in the informal sector.
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