IMSS data show the average contribution salary hit a record of 663.50 pesos daily in March, up 7.1% nominally. Yet, formal job creation in the first quarter was the weakest in two decades, excluding past crises. This boosts informality and underemployment, analysts say.
The Mexican Social Security Institute (IMSS) reported 22,724,680 formal jobs affiliated by end-March, a record for the month, with 86.9% permanent positions. The average daily contribution salary rose to 663.50 pesos, or 19,905 pesos monthly, the fourth-highest March increase on record.
Net job creation in the first quarter totaled 207,604 positions: January lost 8,104, February gained 157,882, and March added 32,930. This marks an 8.4% drop from Q1 2025 and the weakest start since 2005, excluding the pandemic and 2008-2009 crisis. Annual formal employment growth stands at 1.2%, half the pre-pandemic historical average.
National Statistics and Geography Institute (Inegi) data show the unemployment rate rose from 2.2% to 2.4% over the year, with women's rate jumping from 2.3% to 2.7%. Labor force participation fell from 59.3% to 58.6%, critical employment conditions climbed from 38.4% to 39.6%, and labor informality hit 54.8%.
"The economically active population grew by 558,000 people in twelve months, but formal employment absorbed only a fraction," explained Enrique Quintana of El Financiero. The industrial sector added 138,700 jobs in the quarter, driven by nearshoring, while the tertiary sector—commerce, services, and transport—created just 7,100.
