LatinNews Daily - 07 June 2022

In brief: Job losses increase in Mexico

* Mexico’s national social security institute (IMSS) has released a new report which shows that 2,855 jobs were lost in the formal sector in May. Monthly job creation has significantly slowed in recent months, with only 5,490 new jobs created in April, compared to 64,566 in March and 178,867 in February. The IMSS attributed the monthly decrease in May in part to “the dynamics of employment in the countryside,” which it stated records a period of decline each year between May and July due to agricultural cycles. As of 31 May, IMSS had registered a total of 21m jobs, with 388,339 new jobs created so far this year. In the last twelve months, IMSS stated that 899,043 jobs were created, equivalent to an annual increase of 4.5%. The economic sectors with the highest annual percentage job growth are transportation and communications (+12.5%), transformation (+5.6%), and construction (+5.5%).

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