David Cervantes (BBVA Research) | The Mexican Institute of Social Security (IMSS) reported that 92.4 thousand formal jobs were created in August, equivalent to 8.3% of the 1.1 million jobs lost from March to July. The weak recovery in employment could not stop the deterioration of the labor market in a generalized way.
· Seven out of ten jobs lost from March to July were permanent
· The destruction of employment continued in seven states, highlights the CDMX with 195 thousand jobs lost since March
· The construction sector continues with a deficit of more than 100 thousand jobs
· Tourism Services accumulated 327 thousand lost jobs in August, the loss of formal jobs has not reached a bottom yet