Mexico Added More Than 45,000 Formal Jobs in July, Led by Retail, Services

Mexico created 45,697 formal jobs in July as employers in the retail, manufacturing and services industry added positions, Finance Minister Ernesto Cordero said.

Total job creation in the first seven months of the year numbered 559,070, Cordero said today in a presentation to lawmakers in Mexico City.

Former Mexican Economy Minister Gerardo Ruiz Mateos said in an interview June 29 that the country will create 750,000 formal jobs this year as the economy rebounds from a recession and foreign direct investment increases. The estimate would beat the central bank’s forecast last month of 525,000 to 625,000 new positions.

“Our country is in a process of solid economic recovery,” Cordero said. “The proof of this is that in July it registered a net growth in jobs, just as in all other months of 2010.”

Formal jobs are registered with the social security institute.

Latin America’s second-biggest economy is recovering from a 6.5 percent contraction last year, the biggest slump since 1932. The central bank forecasts growth of 4 percent to 5 percent this year.

To contact the reporter on this story: Jens Erik Gould in Mexico City at Jgould9@bloomberg.net

• Tweet
• More
  • Business Exchange
  • Buzz up!
  • Digg
• Print
• Email