In July, manufacturing employment grew 1.6%, marking four months of loss of dynamism with annual comparisons, according to the results of the Monthly Survey of the Manufacturing Industry (EMIM) for that month, released yesterday by the National Institute of Geography and Statistics (Inegi).
From March to date, the sector’s payroll has grown just 0.1%, when only from December of last year to March it had been 1%, according to seasonally adjusted figures produced by Inegi. July’s year-on-year advance is also the slowest since March 2021, when it grew 0.3 percent.
Employment in the different branches of manufacturing and in the transformation industry in general, is the most important component of formal employment in the country.
According to the figures of the Mexican Institute of Social Security, the payroll of the transformation industries (in which manufacturing weighs three quarters) participates with more than 28% of the formal employment registered with the Institute, which as of August was just over 21.2 million people.
With this, it exceeds services to companies, people and home (21%) and commerce (20 percent)
According to the EMIM, as of July alone, the country’s total manufacturing payroll amounted to 4,431,495 workers.
Only five of the 21 branches of activity that make up the sector participate with almost 64% of total manufacturing employment, the most relevant being the manufacture of transport equipment (23%), the food industry (19.7%), the manufacture of equipment computing, communication, measurement and other electronic accessories (8.8%), the manufacture of metal products (6.6%) and the plastic and rubber industry (5.8 percent).
During July, the branch of computer equipment and electronic accessories was the most dynamic in hiring, with an interannual increase of 6.4 percent. It was followed by the branches of machinery and equipment (+4.9%), beverages and tobacco (+3.1%), paper industry (+2.6%) and basic metal industries (+2.5 percent).
Meanwhile, the largest falls were observed in textile products (-5.3%), oil derivatives (-4.6%) and the wood industry (-4.5 percent).
From January to July, manufacturing employment was 0.9% higher than that registered during the first seven months of 2019, prior to the pandemic.
Economic outlook uncertain
The dynamics of manufacturing employment in July coincides with signs of less dynamism in the Mexican economy for the second half of the year.
In its interpretation of its advanced indicators corresponding to the month of August, the Mexican economy is in a phase of chiaroscuro, indicated the Mexican Institute of Finance Executives (IMEF).
The Manufacturing and Non-Manufacturing IMEF indicators for August registered a downward movement, which suggests that, after the “good start” of the quarter the previous month, the economy is entering a process of less dynamism in the second half of 2022 compared to to the first semester.
On the one hand, the IMEF Manufacturing Indicator closed below the threshold of 50, that is, in a contraction zone. On the other hand, the Non-Manufacturing Indicator continues to expand, but at a slower rate than in July.
empresas@eleconomista.mx
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