Job Growth Supports Mexican Economy

Amid all the noise about the future of its trade relationship with the US, Mexico is quietly creating jobs at a record pace and reducing the informality that for decades has held back its economy, Bloomberg reported. More than 517,000 Mexican workers gained access to social security in the first half of 2017, a 17% increase from a year ago and the most in at least two decades, according to the nation’s social security institute. While many had some kind of income before, paying into the system gives them basic benefits such as health insurance and retirement payments. Official data showed the percentage of workers in the informal economy has fallen to 57.2%, down from a peak of 60% during the 2009 global crisis. “This is a very strong year for job creation,” said Rafael de la Fuente, chief Latin America economist at UBS AG. “The shining light in the whole consumption story is employment. There’s no question that you’ve made a dent in informality under this administration.”