Overview
- Mexico’s IMSS and STPS data show a year‑on‑year increase of 326,987 insured jobs in July 2026, with Ciudad de México, Estado de México and Baja California accounting for the bulk of the gains.
- The IMSS also recorded a monthly fall of 19,550 formal jobs in July 2026 that officials attributed to seasonality linked to the end of the school and agricultural cycles and post‑World Cup adjustments in services.
- Some Mexican states remain fragile: 13 states lost formal jobs in the annual comparison and Querétaro has reported a recent run of monthly declines in formal employment.
- Argentina’s SRT series show a deepening contraction with a net loss of 2,371 companies and 70,217 insured workers in May 2026 and a cumulative drop since November 2023 of about 30,633 employers and 411,613 covered workers.
- Analysts and official notes point to weak firm natality and shifts to monotributo or informal work as drivers of Argentina’s formal‑sector erosion, a trend that risks further weakening household incomes and domestic demand.