Despite Mexico losing nearly 100,000 formal jobs over the past two months due to new U.S. tariffs on steel and automobile exports, Labor Secretary Marath Bolaños expressed optimism about the country’s economic outlook. According to the Mexican Social Security Institute (IMSS), 45,624 jobs were lost in May, marking the worst May since the pandemic, following a loss of 47,442 jobs in April. Bolaños highlighted continued economic growth and strong investment inflows as reasons for confidence in future job creation. He noted that annual employment grew by 0.1%, reflecting Mexico’s appeal as an investment destination. Regarding measures to mitigate the impact of tariffs on steel, aluminum, and automotive industries, Bolaños stated that discussions are ongoing with U.S. counterparts. Meanwhile, President Claudia Sheinbaum is preparing measures to counteract tariff effects on employment. Bolaños also reaffirmed plans to reduce the workweek from 48 to 40 hours, despite uncertainties caused by U.S. trade policies. The Labor Ministry will host forums across six cities to ensure a gradual implementation of the reform.
— new from bloomberglinea.com
