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Mexican Manufacturing Jobs Decline For 11Th Straight Month
(MENAFN- The Rio Times) The Mexican manufacturing sector faced challenges in July, revealing a complex economic landscape. Employment in this vital industry grew by a mere 0.08% compared to June.
However, a year-over-year comparison paints a bleaker picture, showing a 1.9% decline from July 2023. This downward trend has persisted for eleven consecutive months, according to the Monthly Manufacturing Industry Survey (EMIM).
The National Institute of Geography and Statistics (INEGI ) reported these figures, highlighting the sector's ongoing struggles.
The manufacturing industry's weak performance extends beyond employment figures. July saw a monthly decrease of 0.8% in overall manufacturing activity.
The first seven months of 2024 have witnessed a slight decline of 0.02% in the sector. This current slump contrasts sharply with the growth rate of 1.8% observed from January to July 2023.
The Monthly Indicator of Industrial Activity (IMAI) released these statistics on September 11th, further emphasizing the sector's challenges.
A closer look at the EMIM data reveals a nuanced picture across different manufacturing branches. Out of 21 measured branches, 11 experienced monthly declines in employment. The furniture sector saw the steepest drop at 4.7%.
Other notable declines included the paper industry, which fell by 1.8%, and textile inputs and finishing, which decreased by 1.1%.
These figures underscore the widespread nature of the employment challenges facing Mexican manufacturing. The first seven months of the year have seen a cumulative 1.8% decrease in manufacturing employment.
This decline stands in stark contrast to the 0.2% growth observed during the same period in 2023. This downturn marks the first such decline since 2020 when the COVID-19 pandemic severely impacted global economies .
The current situation reflects ongoing challenges faced by the Mexican manufacturing sector as it navigates a complex economic landscape.
However, a year-over-year comparison paints a bleaker picture, showing a 1.9% decline from July 2023. This downward trend has persisted for eleven consecutive months, according to the Monthly Manufacturing Industry Survey (EMIM).
The National Institute of Geography and Statistics (INEGI ) reported these figures, highlighting the sector's ongoing struggles.
The manufacturing industry's weak performance extends beyond employment figures. July saw a monthly decrease of 0.8% in overall manufacturing activity.
The first seven months of 2024 have witnessed a slight decline of 0.02% in the sector. This current slump contrasts sharply with the growth rate of 1.8% observed from January to July 2023.
The Monthly Indicator of Industrial Activity (IMAI) released these statistics on September 11th, further emphasizing the sector's challenges.
A closer look at the EMIM data reveals a nuanced picture across different manufacturing branches. Out of 21 measured branches, 11 experienced monthly declines in employment. The furniture sector saw the steepest drop at 4.7%.
Other notable declines included the paper industry, which fell by 1.8%, and textile inputs and finishing, which decreased by 1.1%.
These figures underscore the widespread nature of the employment challenges facing Mexican manufacturing. The first seven months of the year have seen a cumulative 1.8% decrease in manufacturing employment.
This decline stands in stark contrast to the 0.2% growth observed during the same period in 2023. This downturn marks the first such decline since 2020 when the COVID-19 pandemic severely impacted global economies .
The current situation reflects ongoing challenges faced by the Mexican manufacturing sector as it navigates a complex economic landscape.
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